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2018 (4) TMI 736 - AT - Income TaxPenalty u/s 271(1)(c) - Held that:- When two views are possible and when no clear and definite inference can be dawn, in a penalty proceeding penalty cannot be imposed.…in quantum proceedings, a particular provision might be attracted for addition to the income of the assessee. But when it comes to the question of imposition of penalty, then independently of the finding arrived at in the quantum proceedings, the authority has to find conclusively that the assessee owns the concealed amount. - See Durga Kamal Rice Mills [2003 (4) TMI 26 - CALCUTTA High Court] - Decided in favour of assessee.
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