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2009 (10) TMI 483 - KARNATAKA HIGH COURTPenalty – Concealment of Income - Whether the Tribunal was correct in deleting the penalty under section 271(1)(c) by holding that rectification entries were passed subsequently and the goods were taxed during the assessment year 1997-98 in the hands of M/s. Rajesh Industries which is contrary to the facts of the case ; since the assessee and M/s. Rajesh Industries did not file revised returns subsequent to rectification of account entries and consequently recorded a perverse finding ? Held that – A perusal of the impugned order passed by the Tribunal clearly shows that the Tribunal has proceeded mainly on the basis that it was necessary to prove that there was a mala fide intention on the part of the assessee for imposing penalty. The said reasoning cannot be sustained in view of the decision of the hon'ble Supreme Court in Union of India v. Dharamendra Textile Processors [2008 -TMI - 31520 - SUPREME COURT] -substantial question of law passed in favour of the Revenue
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