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2016 (5) TMI 365 - AT - Income TaxPenalty under section 271(1)(c) - Held that:- The perusal of order levying penalty under section 271(1)(c) of the Act reflects the Assessing Officer held the assessee to have defaulted in concealing particulars of income and also furnishing inaccurate particulars of income. Under the provisions of section 271(1)(c) of the Act, it is provided that a person is liable for levy of penalty where he has concealed the particulars of his income or furnished inaccurate particulars of income; either of two conditions have to be satisfied before penalty for concealment can be levied. The Courts have time and again held that the Assessing Officer has to be specific in reasons levying penalty for concealment, whether it is for concealment of income or furnishing of inaccurate particulars of income. Where the Assessing Officer is not clear whether penalty is levied for concealment of income or furnishing of inaccurate particulars, then such an order suffers from non-application of mind and cannot be upheld in law. - Decided in favour of assessee.
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