Penalty u/s 271(1)(C) – concealment of income –

Last updated: 13 October 2010

Court :
Delhi High Court

Brief :
Penalty u/s 271(1)(C) – concealment of income – held that - there was a difference of opinion and there were three decisions in favour of the assessee which was ultimately decided against the assessee only after the return was filed by him and consequently, the assessee cannot be accused of concealment of particulars of income or of furnishing inaccurate particulars of income. - it cannot be said that the assessee, having placed reliance on the decision of the Andhra Pradesh High Court, had concealed any particulars or had furnished inaccurate particulars of income. There is no question of imposing a penalty in such a case

Citation :
COMMISSIONER OF INCOME TAX Versus M/S SICLAIR EXPORTS LTD