Income Tax
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Concealment Penalty - Loss Return
Income Tax - 2009
PUNJAB & HARYANA HIGH COURT - Commissioner of Income Tax-II V. M/s. Nank Milk Food (India) Pvt. Ltd.
Deletion of penalty – loss return - The assessee was alleged to have concealed income while declaring net loss. The Assessing Officer after making assessment, initiated proceeding for levy of penalty and passed an order of penalty.
Levy of penalty was deleted by the CIT(A), which view has been upheld by the Tribunal – held that - even if there is loss, penalty could be levied for concealment of income under Section 271(1)(c) of the Act. This legal position has not been disputed by learned counsel for the assessee - the view taken by the Tribunal has to be reversed.
The substantial question of law has to be answered in favour of the revenue and against the assessee – penalty to be levied
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