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2012 (11) TMI 668 - HC - Income TaxPenalty u/s 271(1)(c) - Concealment of Income - held that:- Tribunal was justified in observing that the assessing officer before imposing penalty did not held any independent inquiry and no specific and concrete materials were brought on record by the assessing officer to establish the fact that the assessee had really concealed the amount and Tribunal was also justified in the facts of the case, in observing that no material indicating any specific asset, investment or income to the extent of the said amount were brought on record - Tribunal has not committed any error. Therefore, the question is answered that in the facts of the case, the ITAT was right in deleting the penalty levied under Section 271(1)(c).
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