Case Law Details
CIT Vs M/s. L & T Finance Ltd (Bombay High Court)
In none of these orders there is any whisper of the alleged particulars of income which has been concealed or what particulars of income which have been filed is inaccurate. Mere using the words that there has concealment of income and / or furnishing inaccurate particulars of income would not in the absence of same being particularized, lead to imposition of penalty. It is only when the specified officer of the Revenue is satisfied that there has been concealment of particulars of income or furnishing inaccurate particulars of income that the occasion to explain the conduct in terms of Explanation I to Section 271(1)(c) of the Act would arise.
The words concealment or giving inaccurate particulars of income have to be read strictly before the penalty provisions under Section 271(1)(c) of the Act can be invoked. In the present facts, the Revenue has not been able to show even remotely that there is any concealment of income or filing of inaccurate particulars of income. Merely using the words that there is concealment of income and / or furnishing inaccurate particulars of income is not sufficient. The same should be particularised
FULL TEXT OF THE HIGH COURT ORDER / JUDGMENT
1. These three Appeals under Section 260A of the Income Tax Act, 1961 (the Act) challenge the common order dated 19th March, 2015 passed by the Income Tax Appellate Tribunal (the Tribunal). The impugned order is in respect of Assessment Years 199596, 199697 and 199798. Thus, the three appeals.
Please become a Premium member. If you are already a Premium member, login here to access the full content.
