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2012 (7) TMI 650 - AT - Income TaxPenalty u/s 271(1)(c) - concealment of income - held that:- it is a clear cut case of concealing and furnishing inaccurate particulars of income of proprietary potato business of the assessee which was systematically run through bank account. The assessee was very much aware about this income of potato which is subject to tax in accordance with law. Inspite of this fact, he tried to operate this business under the name and style of two proprietary concerns by introducing bank accounts. These facts clearly show that the assessee has concealed the particulars of his income, furnished inaccurate particular of his income with his knowledge and intention to conceal his income. - penalty confirmed.
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