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2002 (8) TMI 8 - HC - Income TaxPenalty u/s 271(1)(c) – concealment of income - assessee had made payment on certain dates when no sufficient cash was available with the assessee - The explanation of the assessee that it had borrowed certain funds and instructed the accountant to pass the necessary credit entries in its books of account remains a bald averment in the absence of the details - Tribunal, have come to the conclusion that the assessee has failed to discharge the onus which lay on it no infirmity can be found - there are no facts which would prima facie go to show that the assessee deserves a second innings - Tribunal was right in law in upholding the penalty
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