2014 (1) TMI 1749 - SCH - Income Tax

Penalty u/s 271 (l)(c)- Concealment of income - Assessee filed return of income declaring loss Return was selected in scrutiny on account of share application money received - CIT(A) deleted penalty imposed by AO - High Court affirmed deletion of penalty - Held That - addition was made on account of amount surrendered by assessee - No other information was available with revenue-Cannot be said there was concealment of income-Revenues appeal dismissed. Special leave petition is dismissed. - Decided in favour of assessee.

Summary

The Supreme Court dismissed the special leave petition after condoning the delay. The case citation is 2014 (1) TMI 1749 - SC Order. The judges were Mr. Justice R.M. Lodha and Mr. Justice Shiva Kirti Singh. The petitioner was represented by Mr. Gourab Banerji, A.S.G., Ms. Rashmi Malhotra, Ms. Rekha Pandey, Mr. Sahil Tagotra, Mr. Parul Kumar, and Mrs. Anil Katiyar.