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2005 (5) TMI 59 - HC - Income TaxImposition of penalty under section 271(1)(c) – disclosure of closing stock - "Whether Tribunal was justified in holding that proceedings under section 148 were validly initiated and that, therefore, it would not be correct to quash the penalty proceedings on the ground that the reassessment proceedings were void ab initio for the failure of the Income-tax Officer, to record the reasons for initiating proceedings under section 147?" - The word "concealment" inherently carries with it the element of mens rea. The explanation offered by the applicant in the present case is bona fide and also stands substantiated - Thus, in our considered opinion, the Tribunal was not justified in upholding the levy of penalty.
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