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2011 (6) TMI 17 - HC - Income TaxPenalty - Search and seizure - Block assessment - Undisclosed income - Mere omission or negligence would not constitute a deliberate act of suppressio veri or suggestio falsi - Incorrect claim may not amount to furnishing of inaccurate particulars - Mere making of a claim, which is not sustainable in law, by itself, will not amount to furnishing inaccurate particulars regarding income of assessee and such a claim can not amount to furnishing inaccurate particulars - the prima facie satisfaction of the Assessing Officer that the case may deserve the imposition of penalty, can be discerned from the order passed during the course of assessment proceedings. Unexplained Expenditure - it would be seen that all the authorities have recorded the plea of imprest amount of the assessee, as an afterthought - it is clearly discernible that the AO had recorded prima facie satisfaction that the unexplained amount of expenditure recorded in the seized document was the unexplained income. - It was a clear case of furnishing inaccurate particulars of the income by the assessee. - Penalty to be imposed
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