9911796707
TMI Blog2009 (10) TMI 14X X X X Extracts X X X X X X X X Extracts X X X X ..... sing penalty for concealment of income, the Assessing Officer should bring concrete evidence or material on record for his satisfaction that income has been concealed or inaccurate particulars thereof have been furnished - Mere initiation of proceedings under Section 271(1)(c) cannot be assumed that such a satisfaction was arrived at by the Assessing Officer. Accordingly, the appeal was allowed an ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... assessment was completed on 27.3.1997 on an income of Rs.3,99,45,400/- against which the respondent went in appeal, which was set aside by the CIT-I vide his order dated 28.3.2003. Thereafter, the Assessing Officer made fresh assessment on 12.12.2003 determining the total income of Rs.2,33,23,966/- and also issued penalty notice under Section 271 (1) (C). The first appeal was allowed and the penal ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lly when there was no ambiguity in law on the subject and also when the addition was made by the A.O. Only on the basis of the directions of the learned Income Tax Appellate Tribunal itself, for the A.Y. 1982- 83. (3)Whether under the facts and circumstances of the case the learned Income Tax Appellate Tribunal was justified in law in deciding the said penalty u/s 271 (1)(c) by holding the addit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... itions which are made either due to difference of opinion or merely on presumptions or of routine nature. Before imposing penalty for concealment of income, the Assessing Officer should bring concrete evidence or material on record for his satisfaction that income has been concealed or inaccurate particulars thereof have been furnished. Mere initiation of proceedings under Section 271(1)(c) cannot ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
