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2017 (9) TMI 580 - AT - Income TaxPenalty u/s 271(1)(c) - providing accommodation entries to tax evaders - Estimated Commission Income - Concealment of Income - CIT(A) confirmed penalty restricted to tax sought to be evaded - Held that:- There is no ambiguity in the mind of the Assessing Officer as to whether he intends to impose the penalty for concealment of income or for furnishing inaccurate particulars. The conclusions are firm that the assessee has concealed particulars of income. - Levy of penalty confirmed. Also the appeal of the Revenue is not maintainable on account of low tax effect in view of CBDT Circular No.21 of 2015 dated 10.12.2015. Higher rate of penalty should not be imposed upon the assessee merely on account of assessee’s non-appearance in the penalty proceedings. There should be some other strong logic. No merit in the appeal of the Revenue.
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