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2014 (7) TMI 79 - AT - Income TaxPenalty u/s 271(1)(c) of the Act – Concealment of income – Inaccurate particulars furnished – Held that:- The AO had issued a notice to the assessee and had asked it to explain the reasons for not adding the item to the computation of total income – FAA rightly was of the view that the case of the assessee is covered by the provisions of explanation 1 to section 271(1)(c) of the Act - assessee was aware of the hearing of the matter - in absence of the assessee or his representative, the matter is decided on the basis of available material - assessee did not file any satisfactory explanation before him - the explanation filed by the assessee has been found not to be a bonafide explanation - FAA was justified in confirming the penalty levied by the AO u/s 271(1)(c) of the Act – Decided against Assessee.
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