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2010 (12) TMI 110 - HC - Income TaxPenalty on concealment or inaccurate particulars given by the assessee – Substantial question of law - Whether in the facts and circumstances of the case, the ITAT was justified in sustaining the penalty of Rs. 7,23,623/- under Section 271(1)(c), even though the assessing officer had not recorded any satisfaction about concealment of income in the assessment order or in the notice under section 274 of the Income Tax Act – After due consideration AO has levied penalty for concealing/furnishing of inaccurate particulars of income by the assessee but CIT(A) set aside the penalty on the ground that levy of penalty was without jurisdiction – Tribunal has reversed the order of CIT(A) on the basis of precedent judgement - The substantial question of law is answered against the assessee
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