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2005 (5) TMI 61 - KERALA HIGH COURTPenalty imposed with regard to the unaccounted value of tin sheets and tin containers - Whether, on the facts and in the circumstances of the case and when the statute contemplates a finding of 'bona fide' (in discharge of onus) on the assessee, does the finding that 'there is nothing to show that the assessee's claim of receipt of tin sheets on loan from the sister concern is not bona fide', 'Merely because there is no entries in the books it would not be correct to say that the explanation was not bona fide' would amount to finding of 'bona fide'? – Held that Tribunal went wrong in setting aside the penalty imposed with regard to the unaccounted value of tin sheets and tin containers
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