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2014 (1) TMI 1138 - AT - Income TaxPenalty u/s 271(1)(c) for not disclosing sales - Held that:- The Tribunal held that the sales have been considered by the assessee in working out the income, there can be no separate additions of any separate sales, particular when the purchases are also stand admitted - There is no justification in making any addition on account of estimated profit on the sales, unexplained investment and unexplained debtors in the years under appeal - Following K.C. Builders and another Vs. ACIT [2004 (1) TMI 7 - SUPREME Court] - Where the additions made in the assessment order on the basis of which penalty for concealment is levied, are deleted, there remains no basis at all for levying penalty for concealment - In such a case no penalty can survive and the penalty is liable to be cancelled - Decided against Revenue.
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