2021 (12) TMI 1480 - HC - Income Tax

Penalty u/s 271(1)(c) - true meaning of concealment of particulars of income and furnishing of inaccurate particulars of income under Section 271 - if, Assessing Officer has accepted the return of income as returned but later it is reassessed based on an order passed under Section 263 of the Act, can a penalty be imposed? - HELD THAT - The court requested Mr. Madhur Agrawal as Amicus to assist the court. Ms Vissanji stated she will provide a copy of the Appeal Memo to Mr. Agrawal. Liberty is given to appellant s counsel to make a photocopy of the order when the substantial question of law was drawn. The question mentioned above will also be considered as substantial question of law arising out of this Appeal and parties may address on the same on the next date. Stand over to 14th January 2022.

Summary

The High Court of Bombay heard a case regarding the true meaning of concealment of income under Section 271 of the Income Tax Act. The court requested Mr. Madhur Agrawal to assist. The matter was adjourned to January 14, 2022 for further consideration.