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2008 (8) TMI 341 - HC - Income TaxPenalty – concealment of income - Tribunal hold that the additions made are intangible and it would be improper to impose any penalty – held that - In the instant case, the assessee was confined to jail in MISA. Unconcerned with the additions which were finally sustained in quantum proceeding, the assessee has given a list of creditors who were not traceable after a gap of about 14 years. The Assessing Officer, vide his order dated March 23, 1985, has observed that money was already refunded along with the interest to the cash creditors - From the above, it appears that there was no mala fide intention on the part of the assessee. In the absence of mens rea, no penalty is sustainable - The answer to the question is in the affirmative, i.e., in favour of the assessee and against the Revenue.
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