Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2016 (6) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2016 (6) TMI 371 - AT - Income TaxPenalty proceedings u/s 271(1)(c) - undisclosed brokerage income - Held that:- Merely because the income was offered by M/s Sandhya Prakash Ltd. in its return would not exonerate the assessee from declaring such income in its return, which was earned and received by it for the services rendered by it to the sellers for sale of their land. Transferring of money to its sister concern M/s. Sandhya Prakash Ltd. at the most can be said to be an application of income. Thus, it was an income of the assessee earned by it for A.Y. 2008-09 chargeable to tax. But the assessee had concealed the particulars of this income by not offering for tax the amount of income of ₹ 1,92,00,000/- earned by it in its return of income. Therefore, considering the facts and circumstances of the case and legal position on the issue, we are in full agreement with the A.O. that the assessee had concealed particulars of income of ₹ 1,92,00,000/- on account of brokerage earned and received by it by not offering the same as its taxable income in the return of income furnished for A.Y. 2008-09. Therefore, the assessee was liable for penalty u/s 271(l)(c) of the Act for concealment of its income to the tune of ₹ 1,92,00,000/- as brokerage income. - Decided against assessee.
|