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2004 (4) TMI 27 - HC - Income TaxPenalty – revised returns had not been filed voluntarily and there had been concealment of credits - Assistant Commissioner of Income-tax while accepting the revised returns, initiated penalty proceedings u/s 271(1)(c) - appellants filed reply submitting that the additional income had been disclosed voluntarily to get the benefit under section 273A - However, the Assistant CIT passed orders imposing penalty holding that the revised returns had not been filed voluntarily and there had been concealment of credits which were sought to be disclosed in the revised returns. - As a matter of fact, in the reply to the notice u/s 271(1)(c), the appellants did not offer any credible explanation indicating the reasons for which the amount had not been disclosed in the original returns. - Tribunal was justified in holding that there was concealment warranting levy of penalty under section 271(1)(c)
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