Penalty u/s 271(1) (c)

Last updated: 08 October 2007

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.