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2004 (10) TMI 54 - HC - Income TaxImposition of penalty under section 271(1)(c) – Tribunal set aside the penalty holding, inter alia, that since the assessee filed revised returns, disclosing his income and the same was accepted by the Revenue, the disclosure does not amount to either concealment so as to attract the rigour of section 271(1)(c) - We concur with the finding so recorded by the Tribunal as it is based on exercise of discretion and the facts brought on record. We, thus, do not wish to interfere in such order based on discretionary exercise of power by the Tribunal. – Revenue appeal dismissed
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