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2014 (2) TMI 541 - HC - Income TaxConfirmation of penalty u/s 271(1)(c) of the Act – Held that:- There was no clear finding by the Assessing Officer whether the assessee is guilty of concealing the income and/or furnishing inaccurate particulars of the income - the requirements as provided u/s 271(1) (c) for imposing penalty are required to be complied with - while imposing the penalty under Section 271(1)(c) of the Act, two conditions are required to be satisfied i.e. , the assessee has concealed the particulars of his income and the assessee has furnished incorrect particulars of such income – Relying upon CIT Vs. Manu Engineering Works [1978 (9) TMI 18 - GUJARAT High Court] and New Sorathia Engineering Co. Versus Commissioner of Income-Tax [2006 (1) TMI 71 - GUJARAT High Court] - the Assessing Officer is required to give clear finding whether the assessee is guilty of concealing the income and/or furnishing incorrect particulars of income – thus, there was no reason to interfere in the order of the ITAT – Decided against Revenue.
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