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2011 (10) TMI 29 - HC - Income TaxPenalty u/s 271(1)(c) - disclosure of true and correct facts - Held that:- the argument of the revenue that in the light of the judgment of this Court in the case of Chaturbhuj Kapadia (2003 -TMI - 12097 - BOMBAY High Court ) the assessee ought to have revised the return of income for AY 2002-03 cannot be accepted. - when the amount received from time to time have been disclosed by the assessee, it could not be said that the assessee concealed the income or furnished inaccurate particulars of income. - if the assessing officer himself could not take any definite stand regarding the assessment year in which the amount received by the assessee was taxable, it would be improper to penalise the assessee for not offering the amount to tax in AY 2002-03. - ITAT were not justified in holding that the assessee had concealed income and furnished inaccurate particulars of income and accordingly impose penalty under Section 271(1)(c) of the Act.
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