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2014 (2) TMI 131 - HC - Income TaxImposition of Penalty u/s 271 of the Act – Held that:- When the steps provided in Sub-section (2) of Section 271AAA are observed by Assessee, besides the fact, he shall absolve himself from the liability of penalty under Sub-section (1) of Section 271AAA, he will also legally escape from liability of penalty under Section 271 (1) (c) in respect to undisclosed income vide Sub-section (3) of Section 271AAA – Relying upon Assistant Commissioner of Income Tax Vs. Gebilal Kanhailal [2012 (9) TMI 297 - SUPREME COURT] - The authorities below have not at all discussed the matter, except of recording their conclusion by reiterating the language of Sub-section (2) of 271AAA of Act, 1961 and saying that the same have not been complied with. It is well established that "reasons" and "conclusions" are two different things and "reasons" must show mental exercise of authorities in arriving at a particular conclusion – since revenue have not looked into this aspect of the matter, the matter sent to the ACIT for re-examination – Decided in favour of Assessee.
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