Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2012 (12) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2012 (12) TMI 600 - AT - Income TaxPenalty for concealment of income u/s 271(1)(c) - Assessee claim 100% depreciation in the concerned assessment year without noticing the amendment for the year - AO had initiated penalty u/s 271(1)(b) - CIT issued notice u/s 263 since the AO had failed to initiate penalty proceedings u/s 271(1)(c) - CIT has set aside the assessment to the AO for fresh consideration - Held that :- As the AO had taken a conscious decision not to levy penalty under section 271(1)(c) and the contention raised had not been properly addressed by the CIT. W.e.f 01/06/2002 CIT is authorized to initiate and levy penalty under section 271(1) and therefore, there was no necessity to set aside the assessment for fresh consideration. Case remand back to CIT.
|