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2003 (1) TMI 42 - HC - Income TaxBy the impugned order, the Tribunal has set aside penalty u/s 271(1)(c) - In the present case, the assessee had concealed the trading receipt. - Whether, Tribunal was right in law in deleting the penalty of Rs. 5,69,798 levied under section 271(1)(c), by the Assessing Officer and sustained by the Commissioner of Income-tax (Appeals) in respect of an amount of sales tax of Rs. 9,90,953 collected by the assessee but not credited to the profit and loss account as the assessee had maintained a separate accounting for the sales tax collected and thus concealed the particulars of its income and furnished inaccurate particulars?" - we answer the above question in the negative, i.e., in favour of the Department and against the assessee.
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