Penalty u/s 271(1) (c)
Court :
HC
Brief :
Held by the Hon`ble Court that, neither the assessee nor the Department proves anything about the loans therefore concealment was not proved and penalty u/s 271(1)(c) is not justified in law.
Citation :
C.I.T. Vs. T.M. Abdul Azeez and Co.
Penalty u/s 271(1) (c)
C.I.T. Vs. T.M. Abdul Azeez and Co. 07/05/2007
[2007] 293 ITR 384 (Mad)
Case Fact: Whether, where assessee himself has disclosed the additional amounts and also fails to prove the genuineness of the loan, penalty u/s 271(1)(c) is justified in law?
Decision:
Held by the Hon`ble Court that, neither the assessee nor the Department proves anything about the loans therefore concealment was not proved and penalty u/s 271(1)(c) is not justified in law.
CA.Saibaburao Nanduri
Published in Income Tax
Views : 66
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