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2003 (12) TMI 12 - HC - Income TaxTribunal holding that no penalty should be levied with reference to the concealed income seized in the form of jewellery and cash - amendment to section 271 in 1964 and in 1975 - addition of the Explanation to section 271 - Explanation casts a burden on the assessee to show that the additional income that had not been disclosed was not due to fraud or neglect - assessee offered no explanation at all except to assert that he disclosed the income only to buy peace with the Department and what was disclosed, in fact, was additional income. The reason for not having disclosed the income earlier was not stated. In these circumstances, the Tribunal was in error in setting aside the penalty.
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