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2009 (3) TMI 94 - CALCUTTA HIGH COURT
Imposition of penalty u/s 271(1)(c) - by reason of concealment or furnishing of inaccurate particulars alone, the assessee does not ipso facto become liable for penalty - Imposition of penalty is not automatic - not only is the levy of penalty discretionary in nature but the discretion is also required to be exercised on the part of the Assessing Officer keeping the relevant factors in mind - revenue appeal dismissed - application for condonation of delay is also dismissed as no sufficient cause has been shown for delay of 202 days