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2009 (7) TMI 55 - HC - Income TaxPenalty u/s 271(1)(c) – surrender / admission by filling revised return - surrender has been accepted as such without making any further enquiries - the assessee concealed transactions in the bank account and when notice of re-assessment was issued, finding no other way out, the assessee surrendered income, to avoid penal consequences. – Held that in such a situation, it could not be held, as was held in the cases relied upon, that the assessees wanted to buy peace of mind and there was no evidence of concealment, which called for penalty. This is not a case where penalty has been imposed only because assessee disclosed higher income voluntarily but a case of clear concealment where the assessee having found no other way out, was forced to surrender undisclosed income. – Levy of penalty upheld.
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