CIT v. S.V. Electricals (P) Ltd.

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The Tax Publishers2005 TaxPub(DT) 1165 (MP-HC) : (2005) 005 (I) ITCL 0282 : (2005) 274 ITR 0334 : (2006) 155 TAXMAN 0158 CIT v. S.V. Electricals (P) Ltd. () INCOME TAX --Penalty under section 271(1)(c)----CONCEALMENTSurrender of income--The AO imposed penalty under section 271(1)(c) whereas the assessee surrendered full income. Both the appellate authorities deleted the penalty. Held: On surrender of full income by the assessee, there was no concealment and penalty was not, therefore, leviable. No substantial question of law, therefore, arose. Income Tax Act, 1961 s.271(1)(c) INCOME TAX --Appeal (High Court)----SUBSTANTIAL QUESTION OF LAWFraming of additional question--Held: High Court can frame any additional question of law though not framed but is noticed to have arisen or may hold that what is framed does not satisfy the requirement of section 260A. SUBSCRIBE FOR FULL CONTENT

The Tax Publishers2005 TaxPub(DT) 1165 (MP-HC) : (2005) 005 (I) ITCL 0282 : (2005) 274 ITR 0334 : (2006) 155 TAXMAN 0158

CIT v. S.V. Electricals (P) Ltd. ()

INCOME TAX

--Penalty under section 271(1)(c)----CONCEALMENTSurrender of income--The AO imposed penalty under section 271(1)(c) whereas the assessee surrendered full income. Both the appellate authorities deleted the penalty. Held: On surrender of full income by the assessee, there was no concealment and penalty was not, therefore, leviable. No substantial question of law, therefore, arose.

Income Tax Act, 1961 s.271(1)(c)

INCOME TAX

--Appeal (High Court)----SUBSTANTIAL QUESTION OF LAWFraming of additional question--Held: High Court can frame any additional question of law though not framed but is noticed to have arisen or may hold that what is framed does not satisfy the requirement of section 260A.