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2009 (7) TMI 893 - PUNJAB AND HARYANA HIGH COURT
Concealment of Income – penalty – Assessee filed nil return claiming exemption u/s 10(29) – on assessment AO found that certain income is not allowed for exemption and assessed the income at Rs.1,81,93,618/- and propose to levy penalty under section 271(1)(c) of the Income Tax Act, 1961 – held that despite the fact that the respondent-assessee had filed a nil income tax return for the assessment year 1993-94, claiming exemption under section 10(29) of the Act, yet it had disclosed its entire income by, depicting clearly the various heads under which the said income had been earned. And as such, it was not as if the respondent assessee had “concealed the particulars of his income” or “furnished inaccurate particulars of his income” – Penalty is not leviable.