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2006 (1) TMI 86 - HC - Income TaxPenalty under section 271(1)(c) - assessee, on the facts, was neither in a position to show that the kachcha bills did not represent the unaccounted sales made by the assessee, nor could he explain the nature of the missing kachcha bills, to point out that the same were used for any other purpose than sale bills. In the circumstances, it cannot be said that there was no material to indicate that the amount in question was the income of the assessee - the facts and circumstances are consistent with only one hypothesis and that is that the amount in question represents the concealed income of the assessee - Tribunal was justified in confirming the penalty of Rs. 30,000 levied under section 271(1)(c)
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