25 September 2010
In a search conducted in premises of mr. x on 20 nov. 2009 assats worth rs 40 lacs were found. mr. x said that such assets had been acqurid out of income of the previous year relevent to the assessment year 2009-10 however in the return of income filed for A.S year on 15 oct. 2009 there was no disclosure of that income. accourding to assessee he is not liable for concealment penalty u/s 271(1)(C) of income tax act 1961. is his cliam tenable in law.
25 September 2010
Mere omission from the return of an item of receipt does neither amount to concealment nor deliberate furnishing of anaccurate particulars of income unless and untill there is some evidence to show or some circumstances found from which it can be gathered that omission was attributable to an intention or desire on part of assessee to hide or conceal the income so as to avoid the imposition of tax thereon. in order that a penalty can be imposed u/s 271.
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