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2012 (12) TMI 339 - AT - Income TaxPenalty order u/s 13 of the Interest Tax Act, 1974 – Concealment of particulars of chargeable interest or furnishing of inaccurate particulars of chargeable interest – Held that:- As concluding from the facts of the case assessee had shown receipt of in the P&L account on account of interest others but this receipt was not included in the computation of chargeable interest. Following the decision in his own case by Delhi High Court held that on account of interest other, was added to the chargeable interest of the assessee. In favour of revenue Recording in the assessment order u/s 8(2) - Satisfaction as warranted by Sec. 13 for initiating the penalty proceedings - Held that:- As concluding from the facts of the case AO has not recorded satisfaction in course of assessment proceedings and simply initiated penalty. Following the decision in case of Ram Commercial Enterprises (1998 (10) TMI 13 - DELHI HIGH COURT) held that merely because penalty proceedings had been initiated it cannot be concluded that satisfaction as warranted u/s 13 was arrived at and Diwan Enterprises (1998 (11) TMI 27 - DELHI HIGH COURT) held that unless requisite satisfaction was recorded in the proceedings under the Act, the jurisdiction to initiate the penalty proceedings could not have been exercised. Thus, the entire penalty proceedings were without jurisdiction. In favour of assessee
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