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2006 (5) TMI 75 - PUNJAB AND HARYANA HIGH COURTPenalty under section 271(1)(c) - case of the assessee does not fall in any of the two exceptions carved out in the Explanation 5 to section 271(1)(c) - Admittedly the income which was surrendered by the assessee was not disclosed by him in his return of income before the search took place. - Return of income for the assessment year in question was not filed within time and further the amount of tax due thereon was also not paid by the assessee even along with the return filed on May 23, 1994, which was required to be filed and tax paid up to October 31, 1993. - appellant can be said to have concealed the particulars of his income or furnished inaccurate particulars of such income and is thus liable for penalty under section 271(1)(c) – appeal dismissed
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