Mere change in head of income not attracts concealment penalty

Brief of the Case

Bombay High Court held In the case of CIT vs. Shri. Hiralal Doshi that in the case of M/s. Bennett Coleman and Co. Ltd (Income Tax Appeal (L) No.2117 of 2012 rendered on 26th February, 2013, it was held that where complete disclosure of income had been made in the return of income and head of the income undergoes a change at the hands of the Assessing Officer would not by itself justify the imposition of penalty under Section 271(1) (c). In the present case, CIT (A) and the Tribunal c

Please become a Premium member. If you are already a Premium member, login here to access the full content.