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2006 (7) TMI 148 - KERALA HIGH COURTPenalty under section 271(1)(c) - assessee had consciously concealed the particulars of income. - Assessing Officer has proceeded on the basis of the materials unearthed during the search. Reply given by the assessee as well as by the lawyer would clearly show that there was no objection regarding the estimation of the assessment made by the Assessing Officer. The only request was to make some adjustment and to waive the penalty which was not acceptable to the Assessing Officer. We are of the view that the Tribunal has committed a grave error in holding that there is no positive finding that the assessee had concealed income. The facts would show otherwise. In such circumstances, we find it difficult to sustain the order of the Tribunal.- tribunal was not justified in holding that penalty proceedings could not be initiated.
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