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2004 (1) TMI 13 - DELHI HIGH COURTPenalty - If any explanation, which is bona fide, within the totality of the case is offered and accepted as indicated by the lower authorities, the assessee would be absolved of liabilities of penalty. There are two sets of evidence, one produced by the assessee in the form of a pass book and another copy of the bank ledger. The pass book normally reflects whatever is in the ledger but, if in respect of two entries there is an error committed by the bank officials and the same is relied upon by the assessee and the latter's explanation is accepted, we do not think that any case is made out – revenue’s appeal rejected
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