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2006 (8) TMI 141 - HC - Income TaxLevy of penalty under section 271(1)(c) - Explanation 5 to section 271(1)(c) - The plea of non-availability of funds for payment of tax due on the surrendered income, payment of tax along with interest before the date of assessment or payment of interest for delayed payment of tax cannot be circumstances which could be pleaded by the assessee to claim immunity from levy of penalty in terms of Explanation 5 - An assessee who, having surrendered his concealed income during the course of search and seizure still neither files the return in time nor deposits the tax on surrendered income immediately after the surrender, cannot be given the benefit of Explanation 5 – assessee’s appeal dismissed – penalty upheld
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