Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2013 (7) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2013 (7) TMI 148 - HC - Income TaxInitiation of penalty proceedings - CIT u/s 263 ordered non initiation of penalty proceedings - Held that:- although in the revisional Order, he pointed out that a non initiation of penalty proceedings did not warrant any interference, but that does not mean that the hands of the Assessing Officer is tied on invoking the provisions under the Act, which, otherwise, would be applicable to the facts of the case - if the provisions of the Act on penalty are attracted, the Assessing Officer has to go by the dictates of the law rather than by the order of the Commissioner of Income Tax - Decided in favour of Revenue. Penalty u/s 271(1)(c) - Concealment of income - Held that:- claim for bill discounting for both assessment years was found to be totally untrue, as there was no physical movement of goods - claim for depreciation was also found as a bogus claim - in the garb of the bona fide claim, the assessee cannot escape levy of penalty Following decision of Commissioner of Income Tax Vs. Zoom Communication P. Ltd. [2010 (5) TMI 34 - DELHI HIGH COURT] and Union of India Vs. Rajasthan Spg. & Wvg. Mills [2009 (5) TMI 15 - SUPREME COURT OF INDIA].
|