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Section 271(1)(c) penalties leviable only in clear cases of income concealment or inaccurate reporting
Case Law Details
- Case Name
- Harson Labs Pvt. Ltd. Vs ACIT (ITAT Ahmedabad)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2015-16
- Courts
- All ITAT, ITAT Ahmedabad
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Harson Labs Pvt. Ltd. Vs ACIT (ITAT Ahmedabad)
Introduction: Harson Labs Pvt. Ltd. faced penalties under Section 271 of the Income Tax Act for alleged concealment of income and furnishing inaccurate particulars. This article delves into the case of Harson Labs vs. ACIT, where the Income Tax Appellate Tribunal (ITAT) Ahmedabad made a crucial decision regarding these penalties for Assessment Year 2015-16.
Detailed Analysis:
The case revolved around two key issues:
1. Fresh Deposits: The Assessing Officer (AO) claimed that fresh deposits of Rs. 13,80,000 during the year amounted ...
