Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2011 (7) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2011 (7) TMI 650 - AT - Income TaxPenalty - Search - undisclosed income - Assessee contended sale of scrap on account of demolition of factory premises and same could not be accounted due to reasons like labour problem etc further income based on loose papers and no money bullion is found thus Explanation 5 to 271(c) is not attracted - Held That:- in view of South Indian Finance. Versus Income-Tax Officer (1991 - TMI - 61814 - ITAT COCHIN) Since no money, bullion or cash has been found Explanation 5 is not applicable. Further in the present case, the A.O. finally assessed the loss accepting as declared by the assessee hence fiction created by Expl.-4 is also not applicable.Penalty not leviable.
|