| COURT: | Bombay High Court |
| CORAM: | A. I. S. Cheema J, A. V. Nirgude J |
| SECTION(S): | 271(1)(c) |
| GENRE: | Domestic Tax |
| CATCH WORDS: | concealment of income, furnishing inaccurate particulars of income, penalty |
| COUNSEL: | S. V. Adwant |
| DATE: | November 24, 2014 (Date of pronouncement) |
| DATE: | November 27, 2014 (Date of publication) |
| AY: | 2003-04 |
| FILE: | Click here to view full post with file download link |
| CITATION: | |
| S. 271(1)(c): Before proceeding to the Explanation below s. 271 and putting the responsibility on the assessee, it is necessary for the AO to first demonstrate that the assessee's explanation or conduct is not reasonable on human probabilities, or that it was in the nature of violating settled legal positions. If the explanation is not fanciful, baseless or unacceptable, penalty cannot be levied | |
A legal contention raised bonafide by the assessee claiming the amounts to be capital receipt, only because the same was not accepted, by itself cannot be said to be act of fraud or gross or wilful negligence. Merely because the …
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