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2013 (9) TMI 1068 - AT - Income TaxLevy of penalty u/s 271(1)(c) - Held that:- We find no force in the submissions in the absence of any enquiry during penalty proceedings, penalty proceedings could not have been levied. As stated earlier while discussing legal position, the burden was on the assessee to give proper explanation which has not been found to be bonafide in the absence of PAN and other details. Therefore, clearly the assessee has concealed the particulars of income and the assessee has miserably failed to prove the transaction relating to the deposits received from Shri Pritam Singh. In our opinion, this is a fit case for levy of penalty and in our opinion, the ld. CIT(A) has correctly confirmed the levy of penalty u/s 271(1)(c) of the Act.
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