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2009 (7) TMI 734 - HC - Income TaxPenalty - Concealment of income - The Tribunal remanded the matter to the Assessing Officer for fresh consideration as the Assessing Officer had initiated penalty proceedings without recording satisfaction regarding concealment of particulars of income and imposed penalty merely because the assessee had accepted the anomalies in its balance sheet, and had paid the additional tax that was demanded. On appeal the assessee contended that the Tribunal being satisfied that the order imposing penalty was not justified ought not to have remanded the matter for fresh consideration. Held that - adequate material were not available for a conclusive determination of the issue. Therefore, the question of imposition of penalty was open and the issue needed determination afresh. Therefore, the matter was remanded by the Tribunal to the primary authority, before whom the assessee would full opportunity to justify its stand that in the facts of the case, no penalty required to be imposed.
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