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2013 (9) TMI 901 - HC - Income TaxPenalty for concealment of Income u/s 271(1)(c) of the Income Tax Act – Held that:- levy of penalty u/s 271(1)(c) of the Act in respect of loss on account of investments, vehicle and disallowance under Section 43B confirmed - The claims were ex facie wrong being contrary to fundamental/basic principles of accounts and Act, would not have escaped notice or missed. - Decided in favor of revenue. However, penalty was not justified and proper on the wrong claim for depreciation of plant and machinery as the legal position on the said claim was debatable. - decided in favor of assessee.
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