| Case ID |
36fe488b-a914-4766-9619-6bf00c348a8c |
| Body |
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| Case Number |
Miscellaneous Civil Case No.250 of 1993 |
| Decision Date |
May 08, 1996 |
| Hearing Date |
|
| Decision |
The Tribunal determined that the assessee had not withheld or concealed any material in the presented books of account, nor made any deliberate attempt to defraud the authorities. The assessing authority's penalty under section 271(1)(c) of the Income Tax Act was found to be unjustifiable. The court affirmed the Tribunal's decision, concluding that the assessee had complied with requirements and the penalty was not leviable due to lack of fraud or gross neglect. |
| Summary |
This case revolves around the assessment and penalty imposed under the Income Tax Act for alleged concealment of income by the assessee, which operated multiple liquor shops. The Assessing Officer had estimated the income based on a flat rate rather than the actual books of account maintained by the assessee, leading to a significant discrepancy in the reported income. The Tribunal found that the assessee had provided all necessary documentation, and there was no evidence of deliberate concealment or fraud. The High Court upheld the Tribunal's decision, emphasizing the importance of proper accounting practices and the legal standards for imposing penalties under tax law. This case highlights critical aspects of income tax assessment and the legal thresholds for imposing penalties, making it significant for legal practitioners and taxpayers alike. |
| Court |
Madhya Pradesh High Court
|
| Entities Involved |
Not available
|
| Judges |
A. K. MATHUR, C.J.,
S. K. KULSHRESTHA, J
|
| Lawyers |
Abhay Sapre
|
| Petitioners |
COMMISSIONER OF Income tax
|
| Respondents |
SHIVNARAYAN JAMNALAL & CO.
|
| Citations |
2000 SLD 220,
2000 PTD 572,
(1998) 232 ITR 311
|
| Other Citations |
Not available
|
| Laws Involved |
Indian Income Tax Act, 1961
|
| Sections |
271(1)(c)
|