2016 (7) TMI 1288 - SCH - Income Tax

Concealment of income imposition of penalty u/s 271(1)(c) - Held that - When the two fact finding authorities have concurrently held that the explanation offered by the assessee is not false though the assessee has failed to conclusively prove the explanation offered no case is made out for interference Merely because the assessee agreed for addition and accordingly assessment order was passed on the basis of this addition and when the assessee has paid the tax and the interest thereon in the absence of any material on record to show the concealment of income - it cannot be inferred that the said addition is on account of concealment. The explanation offered by the assessee is not false and it is a bonafide one though the assessee has failed to conclusively prove the explanation offered. HC order confirmed 2013 (7) TMI 620 - KARNATAKA HIGH COURT - Decided in favour of assessee.