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2003 (3) TMI 59 - HC - Income TaxPenalty levied under section 271(1)(c) - Explanation 1 to section 271(1)(c) – burden of proof - The additions made in the assessment being only income from other sources by way of investments, whether the Tribunal was right in law in holding that there was concealment without considering the ingredients of Explanation 1 to section 271(I)(c) of the Income-tax Act, 1961? - Only after the search was conducted were disclosures made. We, therefore, cannot find fault with the Tribunal in holding that there was concealment of income. Under such circumstances we are inclined to answer the question against the assessee and in favour of the Revenue. - answered against the assessee and in favour of the Revenue.
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