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2015 (10) TMI 2558 - AT - Income TaxPenalty U/s 271(1)(c) - undisclosed cash deposits - voluntary disclosure of income - Held that:- Surrender subject to non-initiating the penalty proceeding and prosecution does not absolve the assessee from liability of penalty. The material fact is that the assessee offered any explanation for concealment or furnishing of inaccurate particulars of income to be seen. Penalty proceeding and satisfaction of the Assessing Officer need not be recorded in a particular manner. Therefore, the assessee does not get any immunity from the penalty on the ground that appeal has been admitted before the Hon'ble High Court which also does not make issue before the Hon'ble High Court debatable. The fact is that the assessee had deposited cash from undisclosed source, which has not been explained by him before the lower authority. Thus we confirm the order of the ld CIT(A). - Decided against assessee.
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