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2002 (9) TMI 27 - HC - Income TaxPenalty - A notice under section 274 read with section 271(1)(c) was issued on March 31, 1989. In response, the assessee by its letter dated December 5, 1990, denied that it has suppressed the income. It also denied that it had furnished inaccurate particulars of income. - we are of the view that the matter needs to be remanded back to the Tribunal. The reasons are obvious. The entire case has proceeded on the basis that the Explanation has not been invoked by the Department. By reason of the Explanation, the burden is on the assessee to prove the circumstances stated in the Explanation and on his failure to prove those circumstances, the assessee is deemed to have concealed particulars of his income or he is deemed to have furnished inaccurate particulars of income. Once the Explanation is held to be an integral part of the section 271(1)(c), then the burden will shift to the assessee and in that light, the Tribunal will have to consider the facts of this case de novo.
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