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2014 (1) TMI 816 - HC - Income TaxPenalty u/s 271(1)(c) - Unexplained credit entries - Held that:- The assessee could bring confirmation with regard to 15 transaction but with regard to 5 whose parties became untraceable, the revised return was filed deleting the said entries - The revised return was filed only for the reasons that the dealers belong to a particular community who had left the Town or otherwise refused to give confirmation letter - The assessee opted to surrender the amount to end the litigation - The assessee surrendered the credits appearing in the name of those five persons to by peace and to cooperative with the department - The present is not a case of concealment of particulars of any income of the assessee - Decided against Revenue.
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