concelment penlty under wealth tax

This query is : Open

joginder (Querist)
Follow

27 November 2009 hello everyone,

Can some body tell me whether there is any penlty for concelment in the following case:-

Suppose Mr. A never file return under wealth tax act. He receive a notice from assessing officer for filling of return. He filled return in response of notice.

Now assessing officer want to include all assets for penlty on concelment of income. Is Assessing officer is right?

Also give any circular or case law if any.

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
Follow

27 November 2009 The assessee has to prove that the money for investments in assets has come out of the declared income. To substantiate this, if the assessee do not have books of accounts,a cash flow statement and reconciliation of wealth, year wise, has to be prepared. If there is any difference or do not substantiate as above/any other method, the view of the ITO will hold good.

joginder

joginder (Querist)
Follow

27 November 2009 Sir,

can u tell me same thing section wise and any case law if u know?

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now