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2010 (12) TMI 888 - AT - Income TaxPenalty u/s 271(1) - Undisclose cash - search was conducted and unaccounted cash belonging to the assessee was found during the course of search, the assessee later on made a surrender of cash of Rs. 20,00,000 which cannot be said to be bona fide action on the part of the assessee because the assessee despite having ample opportunity from the date of search in July, 2004 till the date of filing of the original return on 14-10-2005 had been claiming it to be accounted cash for which no evidence was filed at any stage - For what purpose the assessee was waiting for making a surrender on 3-1-2007 is not clear - Therefore, would show that the learned CIT(A) was not justified in deleting the penalty - Decided against the assessee.
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