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2017 (12) TMI 185 - AT - Income TaxLevy of penalty u/s 271(1)(c) - undisclosed deposits - Held that:- In the instant case, the assessee having declared the additional income only after discovery of the Assessing Officer with regard to total deposits not reflected in the balance sheet, it was a clear case of ‘concealment of income’ and non-recording of the deposits in the balance sheet would amount to furnishing of inaccurate particulars of income. Under these circumstances, the order passed by the Ld CIT (A), in levying penalty, does not call for any interference. Accordingly, appeal of the assessee is dismissed.
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