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2004 (10) TMI 26 - HC - Income TaxDeletion of penalty under section 271(1)(c) - "Whether Tribunal was correct in holding that penalty under section 271(1)(c) of the Income-tax Act, 1961, could not be levied even if the assessee had not disclosed in their returns of income their agricultural income for the assessment year 1974-75?" - explanation offered by the respondents that they were under the honest belief that agricultural income was to be disclosed in the assessment year 1975-76 and there was neither any fraud nor any gross or wilful neglect, has been accepted by the Tribunal. Thus, the burden which was placed upon them by the Explanation, has been discharged - the word "concealment" inherently carries with it the element of mens rea which, in the present case, was to be established by the Revenue, which the Revenue has failed to establish – hence, Tribunal was justified in upholding the deletion of penalty.
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