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2003 (4) TMI 45 - HC - Income TaxPenalty under section 271(1)(c) – no concealment - It would, thus, be seen that since the assessee had not claimed the entire sum of Rs. 16.50 lakhs for only the superstructure but had claimed it for building as well as land and given a break up of the price of the superstructure and the land on the basis of the valuer's report and as regards movables it had given particulars of the items, their original price and written down value, it cannot be said that there was any concealment of material particulars from the Income-tax Officer during the proceedings. The Tribunal was, therefore, right in deleting the penalty imposed on the assessee under section 271(1)(c)
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