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2005 (2) TMI 75 - GUJARAT HIGH COURTPenalty - "Whether Tribunal was right in holding that the official liquidator of the assessee-company in liquidation, who is an officer of the court and is a 'public servant', while filing the return of income of the assessee-company in liquidation acted in a bona fide manner and in good faith, which necessarily implies the absence of any fraud, gross or wilful negligence and was right in holding that there is no justification in sustaining the penalty levied u/s 271(1)(c) on the basis of such return of income furnished by the official liquidator?" - In fact, in the penalty order, the Assessing Officer observes: "Thus, the managing director has cheated not only Government, but the public shareholders also." Once this finding was recorded in the light of the facts on record, it was not open to the Assessing Officer to impose penalty for concealment and/or furnishing inaccurate particulars of income by resorting to the Explanation to section 271(1)(c) on the official liquidator of the company in liquidation – penalty rightly deleted
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