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2012 (6) TMI 677 - HC - Income TaxPenalty under section 271(1)(c) of the Income-tax Act, 1961 – concealment - assessee understated the cost of construction - total cost of construction was Rs.12,50,000, when he filed the returns – Held that:- Assessee admits the total cost of construction as being Rs.32,05,000 as determined by the appellate authority on the original side, the difference in the amount constitutes concealed income and the main provisions as contained in section 69B of the Act is attracted. In spite of the opportunities given to the assessee, when he did not avail of the opportunity and neither offered any explanation, the finding arrived at by the authorities imposing penalty cannot be found fault. In favour of the Revenue
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