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2012 (8) TMI 279 - HC - Income TaxLevying penalty u/s 271(1)(c) - Held that:- The assessee had himself agreed for the amount to be assessed on the ground that the parties to whom it had offered commission did not respond to the notices - as the assessee countered the penalty proceedings on no concealment by him, the AO should have rendered a finding on the aspect of concealment - In the absence of any material to prove the concealment in the penalty order, the levy of penalty could not be sustained - the explanation must be preceded by a finding as to how and in what manner the assessee had furnished the particulars of his income and to impose penalty, element of mens rea was essential - penalty is thus liable be deleted - in favour of assessee.
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