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.

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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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