[aaykarbhavan] AO’s recording of finding of concealment pre requisite

 

 

IT : In absence of clear finding of Assessing Officer whether assessee is guilty of concealment of income or furnishing incorrect particulars of income, penalty levied under section 271(1)(c) cannot be sustained

■■■

[2013] 38 taxmann.com 15 (Gujarat)

HIGH COURT OF GUJARAT

Commissioner of Income-tax, Ahmedabad -IV

v.

Whiteford India Ltd.*

M.R. Shah AND MS. SONIA GOKANI, JJ.

Tax Appeal No. 498 of 2013†

JUNE  24, 2013 

Section 271(1)(c) of the Income-tax Act, 1961 - Penalty - For concealment of income [Condition precedent] - Whether where no clear finding was recorded by Assessing Officer whether assessee was guilty of concealing income and/or furnishing inaccurate particulars of income, Tribunal was justified in deleting penalty under section 271(1)(c) levied by Assessing Officer - Held, yes [Para 4] [In favour of assessee]

 

  

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