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2011 (4) TMI 930 - HC - Income TaxPenalty u/s 158BFA - block assessment - undisclosed income finally assessed under clause (c) of section 158BC is in excess of the undisclosed income returned by the assessee in the return filed under clause (a) of section 158BC - failure of assessee to pay admitted tax along with return - Held that:- Assessee is not entitled to complete immunity from payment of penalty on the undisclosed income returned by them u/s 158BC, not only because of their failure to comply with the provisions of clauses (i) to (iv) of the first proviso but by virtue of the addition made in the assessment of substantial amount of undisclosed income by which the assessee forfeits the benefit of the first proviso in regard to immunity from penalty on the tax payable on undisclosed income returned. However, in view of the proved financial difficulty of the assessee and in view of the discharge of tax liability in installments granted by the Commissioner, penalty order could be modified by excluding tax on undisclosed income returned by the assessee but by refixing the penalty on the tax payable on the additional income assessed at twice the amount of tax as against one time fixed by the Commissioner of Income-tax (Appeals) - Decided partly in favor of Assessee.
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