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2010 (1) TMI 897 - AT - Income TaxPenalty under section 271(1)(c) - addition has been made by the Assessing Officer only on the basis of the disclosure by the assessee. There is no other material or basis for the income declared by the assessee and it was an ad hoc declaration – Held that:- scheme of settlement provides a means by which an assessee can give all confidential information to the department and the department in turn promises immunity against penalty and prosecution. The Government in the process gets expeditious tax collection without having to go into complex investigation into the case. penalty imposed on the assessee cancelled, appeal of the assessee is allowed.[Sudarshan Silk and Sarees (2008 - TMI - 3593 - Supreme Court)]
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