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2014 (11) TMI 519 - BOMBAY HIGH COURTImposition of penalty u/s 271(1)(c) Particulars of income concealed and inaccurate particulars furnished or not Held that:- The penalty has been imposed after the requisite satisfaction is recorded the Tribunal had rightly held that the Assessee indulged in an act which could be termed as deliberate - She presented not only a wrong, incorrect but a non-genuine claim of gift - She was aware that it was untenable and even wrong and incorrect - The reasons assigned by the Tribunal do not indicate that it was unaware of the distinction in clause (c) of sub-section 1 of section 271 of the Income Tax Act, 1961 - the Assessee presented incorrect and untrue facts regarding the amount received claiming it as gift and which was found as not genuine as such no substantial question of law arise for consideration Decided against assessee.
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