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2004 (10) TMI 69 - HC - Income TaxPenalty – difference between the assessed and the returned income - reduction in profit - the assessed income was more than 80 per cent, of the returned income being Rs. 1,63,850 as against the returned income Rs. 71,870 - onus was on the applicant which it had failed to discharge as no explanation whatsoever was given by assessee before the Assessing Officer - Moreover, the Tribunal has recorded a clear finding that by debiting the amount of purchase of goods at Rs. 51,314.74 twice, the profits have been reduced - Tribunal was legally right in holding that the provisions of the Explanation to section 271(1)(c) were attracted to the case -Tribunal was justified in levying the penalty
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