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2013 (12) TMI 1258 - HC - Income TaxPenalty u/s 271(1)(c) - Held that:- The firm was reconstituted and that even if the relevant AY, was the first year of the business of the new firm, where the entry in favour of the one of the partners, which was to be paid to her, was not sufficiently explained - Nothing was produced to support the argument that there is no concealment - There was no documentary proof as to the payment of goodwill. If it was goodwill what was the basis for its calculation is also not shown - The Tribunal is a final fact finding authority and it was of the view that income has been concealed - Decided against assessee.
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