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2014 (7) TMI 647 - MADRAS HIGH COURTPenalty u/s 271(1)(c) of the Act – Concealment of income and inaccurate particulars furnished - MAT computation u/s 115JB of the Act not reported – Held that:- The findings of the Tribunal were correct that in a case of 'nil' return, without complying with the provisions of Section 115 JB of the Income Tax Act, where the assessee is liable to pay MAT and the non-compliance there of results in imposition of penalty in terms of Section 271(1)(c) of the Income Tax Act, is correct - only on account of the AO's endeavour, the MAT liability came to be noticed - there was a clear case of the assessee failing to furnish particulars necessary for the assessment and the case of the department that the assessee has furnished inaccurate particulars for the purpose of determining the tax u/s 115 JB stands established - penalty has to be levied as per the provisions of Section 271(1)(c) of the Act and the AO was justified in imposing penalty – thus, no substantial question of law arises for consideration – Decided against Assessee.
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