x 57,800= 1,02,40,657/- 55% of the same 56,32,361/- Assessment Year: 2012-2013 Mr. Neeraj Agrwal, Mirzapur, U.P. Addition of Rs. 56,32,361/- Penalty proceedings u/s 271(1)(c) is being initiated separately for concealment of income. (ii) Regarding Gold Jewellery: Plain reading of the submission of the assessee on this issue, as quoted