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2012 (7) TMI 177 - AT - Income TaxPenalty u/s 271(1)(c) - assessee contested that since the return was filed in loss and there was no income therefore there is no question of concealment of income, consequently, no penalty can be imposed - Held that:- Finding in the assessment order reveals that it is a case where the sales are made to the parties which were not identifiable, therefore, the claim of the assessee, prima facie appears to be non-genuine. There is no explanation as to how the opening stock of Rs.55,23,532/-, after the sales of Rs.6,37,204/-, reduced to Rs.1,42,600/-. The assessee has also not filed any appeal against the quantum addition of Rs.25 lakhs - The assessee has shown abnormal and excessive loss on the claimed decrease in value and for which also, no satisfactory explanation was adduced - against assessee.
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