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2015 (11) TMI 494 - PUNJAB & HARYANA HIGH COURTPenalty u/s 271(1)(c) - wrong entry in account books due to non receipt of proper and complete documents by assessee firm and thereby booking under wrong heads by treating - Held that:- The assessee is a contractor carrying on contracts of various government bodies. The assessee had short declared contract receipts from the civil work undertaken by it. Some part of the said amount was declared in the security amount by the assessee but not as part of the taxable receipts from PWD, Sirhind. Thus, the assessee had suppressed its contract receipts on which tax was also deducted at source by the said concern. The Assessing Officer, the CIT(A) and the Tribunal maintained levy of penalty under Section 271(1)(c) of the Act on that account. The Tribunal had correctly recorded that the assessee having under declared its receipt is exigible to levy of penalty under Section 271(1)(c) of the Act view of the concurrent findings of concealment of income - Decided against assessee.
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