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2016 (12) TMI 245 - AT - Income TaxPenalty under section 271(1)(c) - addition u/s 68 - Held that:- The assessee has failed to even furnish the basic details of confirmation and / or PAN numbers of the said parties. The assessee cannot take the shelter under the garb of filing the ledger accounts / receipts issued by MSRTC to establish its case. The assessee has shown the said parties as loan creditors and the onus was upon the assessee to fulfill the conditions laid down in section 68 of the Act. Where the assessee has failed to discharge its onus and the addition has been confirmed in the hands of assessee, then the assessee is held to have concealed the particulars of income and is thus, liable for levy of penalty under section 271(1)(c) of the Act. - Decided against the assessee.
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