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2004 (12) TMI 45 - HC - Income TaxPenalty under section 271(1)(c) - Assessing Officer, after considering the explanation tendered by the assessee, levied penalty at Rs. 1 lakh under section 271(1)(c) of the Act by holding that the Explanation to section 271(1)(c) of the Act was clearly applicable and the assessee had failed to discharge the onus under the Explanation and this was a case of deemed concealment - Tribunal has found that the assessee has discharged the onus and there is no further material adduced by the Revenue to shift the burden once again so as to sustain penalty. – Hence, Tribunal was justified in deleting the penalty imposed by invoking the provision of section 271(1)(c) read with the Explanation thereto and it cannot be stated to be a finding which was either unreasonable or perverse.
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