Law:

Section:

[2009] 311 ITR 327 (GUJ.) HIGH COURT OF GUJARAT Commissioner of Income-tax v. Shankerlal Nebhumal Uttamchandani D.A. MEHTA AND Z. K. SAIYED, JJ. IT REFERENCE NO. 62 OF 1997 MARCH 10, 2008 Section 271(1)(c) of the Income-tax Act, 1961 - Penalty - For concealment of income Where process of detection of allegedly concealed income was not complete, till date of filing of revised returns, imposition of penalty on assessee was not justified [Assessment years 1985-86 to 1987-88] [In favour of assessee] CIT v. Shankerlal Nebhumal Uttamchandani [2009] 311 ITR 327 (Guj.) During the course of search of the assessee's premises various documents, loose papers, passbooks, bank statements, etc., were found and seized. On the basis of various passbooks of Vysya Bank and Canara Bank in relation to bank accounts in the names of various family members of the assessee, certain queries were raised by the Revenue. On 27-2-1989, the assessee surrendered the amounts reflected by the various bank accounts in the names of the family members as his own income from undisclosed sources followed by revised returns filed on 31-3-1989. The Assessing Officer came to the conclusion that the assessee was guilty of concealment of income by furnishing inaccurate particulars in the original returns of income and for this purpose, apart from the factum of the assessee having declared the amounts standing to the credit of the family members in the bank accounts, the Assessing Officer noted that such an amount reflected in the bank accounts in the names of the family members was not commensurate with the known sources of income of those family members and that the passbooks of the bank accounts were found from the custody of the assessee, the bank accounts were operated by the assessee, and the funds utilised by the assessee for investment in the firm. Therefore, he held that the amount actually belonged to the assessee. He, therefore, imposed penalty on the assessee under section 271(1)(c). Held that the Tribunal had in terms found that though certain queries were raised and put to the assessee there was no specific pinpointing of particular items of income which had been concealed by the assessee.…

Deprecated: trim(): Passing null to parameter #1 ($string) of type string is deprecated in /home/digixyei/sldsystempk.com/view/master-layout/view_case.php on line 492