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2014 (7) TMI 1064 - AT - Income TaxConfirmation of partial penalty u/s 271(1)(c) – Concealment of particulars - Suppressed work in progress – Late payment of PF – Held that:- The assessee had disclosed the material facts before the AO and CIT(A) - When the assessee has made a particular claim in the return of income and has also furnished all the material facts, the disallowance of claim cannot automatically lead to the conclusion that there was concealment of particulars of his income by the assessee or furnishing inaccurate particulars - What is to be seen is whether the said claim made by the assessee was bona fide and whether all the material facts relevant thereto have been furnished and once it is so established, the assessee cannot be held liable for concealment penalty u/s 271(1) (c) of the Act - all the necessary facts were furnished and the fact that the addition has been substantially reduced in appeal, the addition that was sustained does not call for levy of penalty u/s 271(l)(c) – thus, the penalty levied is set aside – Decided in favour of Assesse.
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