Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2014 (2) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2014 (2) TMI 1251 - AT - Income TaxPenalty u/s. 271(1)(c) - addition of income u/s. 2(22)(e) on deemed dividend - Held that:- Facts on record show that on the date of taking these advances, there was no approved plan of phase-II. The assessee could not furnish copy of plan of Phase-II put up for approval before the competent authority. Since no approved plan was available, there cannot be any question of allotting commercial space to these three companies. These facts were very much in the knowledge of the assessee yet the assessee chose to show these advances under the head 'current liability' as advances for commercial space. In our considered view, this conduct of the assessee clearly establishes the concealment of facts and filing of inaccurate particulars. The assessee has concealed the true facts thereby filed inaccurate particulars. Therefore, we do not find any error or infirmity in the findings of the Ld. CIT(A). The penalty u/s. 271(1)(c) is leviable on the facts of the case - Decided against assessee
|