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2018 (6) TMI 1400 - HC - Income TaxPenalty u/s 271(1)(c) - Concealment of income - assessee's agreement on addition - Held that:- This appeal is squarely covered by the Co-ordinate Bench Judgment of this Court in the case of ‘Commissioner of Income Tax v. Manjunatha Cotton & Ginning Factory and Others [2013 (7) TMI 620 - KARNATAKA HIGH COURT] merely because the assessee agreed for addition and accordingly assessment order was passed on the basis of this addition and when the assessee has paid the tax and the interest thereon in the absence of any material on record to show the concealment of income - it cannot be inferred that the said addition is on account of concealment - the assessee has offered the explanation - The said explanation is not found to be false - On the contrary it is held to be bonafide No concealment on the part of the Assessee, attracting penalty under Section 271[1][c] of the Act. Such cogent and reasonable findings of facts by the learned Tribunal and consequentially set aside the penalty under Section 271[1][c] of the Act does not give rise to any substantial question of law requiring consideration by this Court under Section 260-A of the Act. - Decided in favour of assessee.
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