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2010 (4) TMI 846 - AT - Income TaxUnaccounted stock - penalty – main business of assessee developing housing plots and selling them - assessee was obtaining power of attorney and was never getting itself registered as the owner of the land - assessee not made the payment of the full cost and also having not got itself registered as the owner – Held that:- no comments in the tax audit reports regarding any discrepancy in the valuation of stock of land for any of the years, the assessee had agreed to an addition out of compulsion in search proceedings, it would not be sufficient enough to come to a conclusion that there was concealment or furnishing of inaccurate particulars, there is nothing that the assessee-company had failed to disclose, regarding its stock, in the original return, these were not fit cases for levy of penalty under section 271(1)(c) of Act, penalties are deleted and the appeals of the assessee allowed
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