Case Law Details
Case Name : PEL Holdings Pvt. Ltd. Vs Income Tax Officer (ITAT Mumbai)
Related Assessment Year : 1993- 94
Courts :
All ITAT ITAT Mumbai
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Hon’ble Supreme Court in the case of CIT vs Reliance Petro Products Pvt. Ltd reported in 322 ITR 0158(SC). has clearly held that the return of income is the only document where the assessee can furnish his particulars of income, where as in the instant appeal, the appellant company has not disclosed the receipt of premium received on renunciation of rights in its return of income nor in the computation of income accompanied with the return of income. So penalty for Concealment of Income is imposable U/s. 271(1)(c) of the Income Tax Act, 1961.
INCOME TAX APPELLATE TRIBUNAL, MUMBAI
ITA No. ...
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Quite a lengthy judgemnt. Takes a lot of time to understand.