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1973 (12) TMI 11 - HC - Income TaxPenalty for concealment - assessee received certain deposits and balances had not been returned to persons entitled to them - " Whether, on the facts and in the circumstances of the case, the Appellate Tribunal is correct in law in cancelling the penalties levied under section 271(1)(c) of the Income-tax Act, 1961, for the assessment years 1963-64, 1964-65 and 1965-66 ? " - So also in the present case, the admission was wrong and it was for the department to prove positively on other material that there was concealment of income. Being a quasi-criminal proceeding, the burden is entirely on the department. Apart from the so-called admission, there is no material to hold that the income was concealed - Question answered in the affirmative
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