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2013 (10) TMI 159 - HC - Income TaxPenalty u/s 271(1)(c) of the Income Tax Act – Held that:- merely because assessee's claim has been disallowed, it cannot be said that the assessee is also guilty of concealment of income or furnishing of inaccurate particulars of income - Nothing is brought on record to indicate that there is any concealment on the part of the assessee. Certain additions have been made rejecting certain claims in the case of the assessee, however, that would not lead to imposition of penalty in absence of either concealment or non-furnishment of the particulars of income by the assessee – Decided against the Revenue.
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