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Despite Offering Income In S. 148 ROI, S. 271(1)(c) Penalty Leviable
Case Law Details
- Case Name
- CIT Vs M/s Sangameshwara Associates (Karnataka High Court)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Courts
- All High Courts, Karnataka High Court
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Karnataka High Court
CIT vs. M/s Sangameshwara Associates
Income Tax Appeal No. 522 of 2006
Date of Decision 02.04.2012
The Return of Income filed pursuant to a notice notice U/s. 148 is not ‘voluntary’ & it can be readily inferred that the assessee had not furnished full particulars of his true income and so reopening became necessary. The explanation that the income was offered to buy peace is not acceptable because it is a clear case of admission of not offering true income earlier.
If it had not been for the reopening, the income would have escaped assessment....
