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2014 (11) TMI 519 - HC - Income TaxImposition of penalty u/s 271(1)(c) – Particulars of income concealed and inaccurate particulars furnished or not – Held that:- The penalty has been imposed after the requisite satisfaction is recorded – the Tribunal had rightly held that the Assessee indulged in an act which could be termed as deliberate - She presented not only a wrong, incorrect but a non-genuine claim of gift - She was aware that it was untenable and even wrong and incorrect - The reasons assigned by the Tribunal do not indicate that it was unaware of the distinction in clause (c) of sub-section 1 of section 271 of the Income Tax Act, 1961 - the Assessee presented incorrect and untrue facts regarding the amount received claiming it as gift and which was found as not genuine – as such no substantial question of law arise for consideration – Decided against assessee.
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