Penalty for concealment of Income u/s 271(1)(c)

Court :
HC

Brief :
Held by hon"ble court that a plain reading of section 271(1)(c) clearly shows that penalty proceedings under the said section cannot be initiated by the assessing officer without forming his opinion and recording his satisfaction.

Citation :
C.I.T Vs. Auto lamps Ltd.

Penalty for concealment of Income u/s 271(1)(c) C.I.T Vs. Auto lamps Ltd. 5/5/2005 (2005) 278 ITR 32 (Delhi) Case Fact: Whether it is necessary for the assessing officer to record his own satisfaction before starting proceedings under section 271(1)(c) . Decision: Held by hon"ble court that a plain reading of section 271(1)(c) clearly shows that penalty proceedings under the said section cannot be initiated by the assessing officer without forming his opinion and recording his satisfaction.

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Judgement posted by

CA.Saibaburao Nanduri

Chartered Accountant

I am a commerce graduarte of Andhra University. Studied at HINDU COLLEGE, Guntur. Became FCA and started Practice under the name and style of M/s SAIBABU RAO CO I became Chairman of CA Institute, Guntur Branch, during the year 2008-09 My post qualifications are: Information Systems Audit DISA (ICAI) ... Read more

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