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2010 (4) TMI 142 - DELHI HIGH COURTPenalty - concealment of income - The Assessing Officer treating the business loss claimed by the assessee as speculative loss made addition and also treated Rs. 4 lakh and Rs. 19 lakhs received by assessee as unexplained income of the assessee under section 68 of the Income Tax Act, 1961. These additions were confirmed by the Tribunal and the appeal preferred therefrom was dismissed by the High Court. In the penalty proceedings under section 271(1)(c) of the Act, the Assessing Officer imposed a penalty of Rs. 32,89,552. The penalty was confirmed by the commissioner (Appeals), however the Tribunal deleted the penalty. Held that- dismissing the appeal as change of treatment from business loss as claimed by the assessee to speculative loss as determined by the Assessing officer, the Tribunal was of the view that a mere change of treatment of the loss would not amount to concealment under section 271(1)(c) of the Act.
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