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2005 (5) TMI 45 - HC - Income TaxPenalty – explanation - assessee was not able to offer any satisfactory explanation for the sum of Rs. 11,99,242.54 in regard to its source - there is a deemed addition in the event the concerned authorities record their satisfaction that there is no proper and plausible explanation offered by the assessee or he has failed to substantiate such explanation - Assessee's claim that he had made the surrender to buy peace with the Income-tax Department would also not prevent levy of penalty for concealment of income as there can be no agreement or estoppel against the statute - order passed by the Assessing Officer is valid and within the time-limit prescribed under section 271(1)(c) for imposition of penalty
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