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2002 (2) TMI 44 - HC - Income Tax
Accrual Of Income, Mercantile System Of Accounting, Concealment Of Income, Advance Tax, Penalty - the record shows that all the relevant particulars on the basis of which the income of the assessee could be computed were disclosed by the assessee and a claim was put up that the interest cannot be said to have accrued, - In fact, on the basis of disclosures already made during the proceedings, interest income was added in the total income in the quantum proceedings. - we are of the opinion that there was no justification for imposing penalty under section 271(1)(c) of the Act on the assessee for the assessment year 1979-80.