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2011 (1) TMI 1057 - AT - Income TaxPenalty u/s 271 (1)(c) - Held that:- The penalty can be levied when income is concealed. Penalty can also be levied for furnishing inaccurate particulars of income. However, where the explanation is not bona fide, the penalty can still be levied. Thus, penalty has been levied in respect of deduction of Income-tax, claim u/s 35D etc. According to us, the case of the assessee stands on worse footing than such cases because its claim is based on a device formed to mislead the Assessing Officer. Further, full facts regarding the claim were not furnished in the return of income. Accordingly the ratio in the case of Escorts Finance Limited [2009 (8) TMI 677 - DELHI HIGH COURT], and Zoom Communication Private Limited [2010 (5) TMI 34 - DELHI HIGH COURT] is applicable to the facts of the case. Thus, it is a fit case for levy of penalty.
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