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2019 (8) TMI 721 - ITAT DELHILevy of penalty u/s 271(1)(c) - Addition u/s 68 - HELD THAT:- Ld. CIT(A) upheld the levy of penalty U/s 271(1)(c) stating that the Explanations appended to section 271(1)(c), entirely indicate the element of strict liability on the assessee for concealment or for giving inaccurate particulars while filing the return. The object behind the enactment of section 271(1)(c) read with Explanations indicates that the said section has been enacted to provide for a remedy for loss of revenue. The penalty under that provision is a civil liability. Willful concealment is not an essential ingredient for attracting civil liability as is the case in the matter of prosecution u/s 276C of the Income-tax Act. We are of the view that the order of the Ld. CIT(A) is well-reasoned and is in accordance with law, having regard to facts and circumstances of the present case. Impugned order of Ld. CIT(A) is, therefore, hereby confirmed. - Decided against assessee.
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