Penalty: Concealment of income - Voluntary surrender of inco
Last updated: 02 February 2009
Court :
Santosh Narain Kapoor vs DCIT
Brief :
There was a general investigation by the Investigation wing regarding a fake gift racket. There was no information with the AO when the assessee voluntarily surrendered the income, that gifts or credits received by assessee were fake. In the assessment order or even in the penalty order, there was no discussion that the assessee had concealed his income or had filed inaccurate particulars with a mala fide intention. No penalty could be imposed.
Citation :
Citation 115 TTJ 402
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Rupesh Maheshwari
Published in Income Tax
Views : 7433
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