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2002 (8) TMI 33 - RAJASTHAN HIGH COURT
Penalty proceedings under section 271(1)(c) have been initiated for concealment of income and furnishing inaccurate particulars of income. - The case of the assessee was that he disclosed the concealed income voluntarily, i.e., Rs. 5,92,340, therefore, no penalty is leviable under section 271(1)(c) of the Income-tax Act, 1961. - When the income has been surrendered after seizure, it cannot be said that the assessee has surrendered the income voluntarily. After seizure of any amount or income that no more remains concealed income for the Department. The explanation given by the assessee was not found satisfactory, therefore, it is a fit case of penalty on deemed concealment. The Assessing Officer as well as the Commissioner of Income-tax (Appeals) have rightly imposed the penalty under section 271(1)(c), the Tribunal has committed an error in cancelling the penalty.