| |
| The Tax Publishers2020 TaxPub(DT) 4202 (Guj-HC) INCOME TAX ACT, 1961
Section 271(1)(c)
Where assessee had disclosed all the details with respect to interest income earned and there was no concealment of any particulars of income, imposition of penalty under section 271(1)(c) could not be held as justified.
|
Penalty under section 271(1)(c) - Leviability - No concealment of any particulars of income -
AO initiated penalty proceedings for submitting inaccurate particulars concealing income by assessee by willfully and intentionally in the way of not including interest income from two parties. Held: The penalty proceedings is quasi-criminal proceedings and the burden is on the Revenue to establish that the disputed amount represented the income of the assessee and the assessee had consciously concealed the particulars of income. In this case, nothing of any such has been proved by the revenue. Rather, assessee had disclosed all the details and there was no concealment of any particulars of income. In such view of the matter, no penalty under section 271(1)(c) was leviable in this respect.
REFERRED :
FAVOUR : In favour of assessee.
A.Y. :
IN THE GUJARAT HIGH COURT
 SUBSCRIBE FOR FULL CONTENT
|