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2009 (8) TMI 754 - AT - Income TaxPenalty – Concealment - Assessee is a trust having registration under s. 12A of IT Act – Certain addition/ deduction were made and the income determined2102720 as against nil income declared by the assessee – In reply to SCN assessee was in belief that its income is not taxable due to exemption under s. 10(20) of IT Act in the earlier years - AO held that the assessee is guilty of contumacious conduct and being of the opinion that in view of Expln. 1 to sub-s. (1) of s. 271, the assessee failed to substantiate his explanation and discharge the burden to prove that the explanation is bona fide. It was therefore, imperative on the part of the assessee to show under which enabling provisions of law he is eligible for deduction for depreciation on the construction work contended to be an asset by him – CIT(A) has erred in cancelling the penalty without any justifiable cause.
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