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2015 (12) TMI 1610 - AT - Income TaxPenalty u/s 271(1)(c) - addition on account of remission of liability u/s 41(1)- Held that:- Assessee has admitted in its written submissions before the authorities below that, there was no likely hood of these payments being made to the suppliers(creditors). The assessee therefore, has surrendered, in view of detection made by the Ld.AO. Had it been the intention of the assessee to make full and true disclosure of its income, it would have filed the return declaring an income inclusive of the amount, which was surrendered later during the course of the assessment proceedings. Consequently, it is clear that the assessee had no intention to declare its true income. The AO, in our view, has recorded a categorical finding that he was satisfied that the assessee had concealed true particulars of income and is liable for penalty proceedings under Section 271(1) (c ). We therefore following the ratio in the case of MAK Data Pvt. Ltd. (2013 (11) TMI 14 - SUPREME COURT ), uphold the view of the Ld.CIT(A) that, in the absence of any explanation in respect of the surrendered income, the first part of clause (A) of Explanation 1 is attracted. - Decided against assessee
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