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2017 (3) TMI 1248 - HC - Income TaxPenalty under section 271(1)(c) - non disclosure of the income for assessment year - Held that:- Income Tax Officer included the amount of ₹ 24,600/in the total income of the assessee for the assessment year 1950-51 and imposed penalty under the provisions of the Income Tax Act, 1922 though in the books of accounts relating to November 1948, certain cash credits aggregating to ₹ 24,600/were found. The High Court held in the aforesaid set of facts that the entries aggregating to the amount of ₹ 24,600/being made in the assessment year 1948-49 and the relevant assessment year being assessment year 1949-50, no penalty could be imposed on the assessee for non disclosure of the income for the assessment year 1950-51. - Decided in favour of the assessee
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