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2009 (10) TMI 291 - PUNJAB AND HARYANA HIGH COURTPenalty- Concealment of Income- It was observed by the Assessing officer that the firm is a bogus firm and the claim of the assessee that the amount was received towards consideration for sale of material, was not accepted. Hence, addition was made to be declared income. Further addition of lease rent and depreciation also made by the Assessing officer. Commissioner (Appeals) upheld the additions towards the sale of material but deleted in respect of lease rent and depreciation. Tribunal deleted both the additions. It also cancelled the penalty u/s 271(1)(c) of the Act. Held that- dismiss the appeal, that as regards the deletion by the Commissioner (Appeals) after referring to the additional evidence led before him, the Tribunal had examined the matter and recorded that a remand report was duly sought and thus no prejudice was caused by considering the additional evidence. Thus the order passed by Tribunal is final and cancellation of penalty is valid.
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