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2005 (2) TMI 45 - HC - Income TaxPenalty under section 271(1)(c) - the assessee explained the cash amount which was found in his possession, though it was not accepted by the assessing authority - even if it is presumed that the particulars have not been properly disclosed by the assessee, mere omission from the return of the amount does not amount to concealment - There is nothing on the record to suggest that there was a deliberate attempt on the part of the assessee in furnishing of inaccurate particulars of income. Even no circumstantial evidence found from which it can be gathered that the omission was attributable to an intention or desire on the part of the assessee to hide or conceal the income so as to avoid the imposition of tax thereon - In the aforesaid circumstances, I hold that Tribunal was justified in concluding penalty under section 271(1)(c) is not leviable
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