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.
CA.Saibaburao Nanduri
Published in Income Tax
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