Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2005 (7) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2005 (7) TMI 47 - HC - Income TaxPenalty - Whether the Tribunal was justified in cancelling the penalty under section 271(1)(c) especially when the revised return was filed after the search operation when loose papers recovered indicated unrecorded transactions and unrecorded unexplained investment - assessee has not offered any explanation as to why sales recorded in the loose purchase were not entered in the books of account and income relating thereto has not been disclosed in the return. On the facts and circumstances of the case, present is a clear case of concealment. If search would not have been made and loose purchase had not been detected, the income would have escaped assessment. In our opinion, on the facts of the case, the assessee deliberately concealed the sales of cloth, therefore, was liable for penalty. For the reasons stated, penalty levied by the first appellate authority is restored
|