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2016 (10) TMI 707 - AT - Income TaxPenalty u/s 271(1)(c) - conscious concealment of facts by the assessee - non disclosure of bank accounts in which cash was deposited - Held that:- The assessee was well aware that he was having three bank accounts and deposited cash therein, did not disclosed the amounts and also the accounts to the Department, therefore, it was a conscious and deliberate act on the part of the assessee to hide something, consequently, the penalty was rightly imposed. It is also noted that the addition made by the Assessing Officer on this count was accepted by the assessee and no appeal was filed on quantum addition knowing-fully well that there is conscious concealment of facts by the assessee. For imposing penalty u/s 271(1)(c) of the Act, either there should be concealment of income or furnishing of inaccurate particulars of such income. The material facts, available on record clearly indicates that the assessee deliberately concealed his income/furnished inaccurate particulars of such income, therefore, in my view, the penalty was rightly imposed by the Assessing Officer and confirmed by the Ld. Commissioner of Income Tax (Appeal). - Decided against assessee.
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