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2003 (2) TMI 17 - BOMBAY HIGH COURTWhether, Tribunal was right in cancelling the levy of penalty u/s 271(1)(c) on the ground that no penalty can be levied where the assessed income is a loss, ignoring the provisions of Explanation 4 below section 271(1)(c), though holding that there was concealment of income and furnishing of inaccurate particulars by making wrong claim u/s 80HHC by the assessee? Whether Tribunal was right in observing that there was no concealment of income on account of adjustment of Rs. 1,07,27,006 being income for earlier years ignoring that the assessee had offered this amount of tax only after the issuance of notice u/s 148?" - We answer the questions in the negative, i.e., in favour of the Department and against the assessee.
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