2023 (2) TMI 597 - SCH - Income Tax

Penalty levied u/s 271(1)(C) - assessee has furnished inaccurate particulars of income in the garb of fictitious cash sales and thereby claimed exemption u/s 80-IC - As held by HC AO as well as the Appellate Authority, rightly gave finding of fact that the cash sales putforth by the respondent were not genuine and the respondent had introduced its unaccounted income in the garb of cash sales. The Tribunal erred in deleting the penalty levied u/s 271(1)(c) - HELD THAT - We do not find any good ground and reason to interfere with the impugned judgment/order and hence, the special leave petition is dismissed.

Summary

The Supreme Court dismissed the special leave petition as no good ground was found to interfere with the impugned judgment/order. Delay was condoned and pending applications were disposed of. Justices Sanjiv Khanna and M.M. Sundresh presided over the case.