Latest Expert Exchange Queries

GST Demo Service software link: https://ims.go2customer.com
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft info@binarysoft.com
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
 
 
 
 
Popular Search: list of goods taxed at 4% :: Central Excise rule to resale the machines to a new company :: articles on VAT and GST in India :: cpt :: due date for vat payment :: VAT RATES :: ACCOUNTING STANDARDS :: empanelment :: VAT Audit :: TDS :: TAX RATES - GOODS TAXABLE @ 4% :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ACCOUNTING STANDARD :: form 3cd :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes
 
 
News Headlines »
 How to save income tax? Best tips for young earners
 Forgot to verify your income tax return? Here's help
 Notification of Government e-Marketplace (GeM) under section 138 of the Income-tax Act
 Income tax returns can be filed even if you missed deadline
 What is the difference between a tax return and a tax refund?
 Improving tax compliance in India
 How to invest in the new LTCG tax regime
 5 Tips to help you save tax
 Why to file income tax return?
  Income Tax For Individuals – Assessment Year 2019–20
 RBI mentions 5 tax implications on investments and savings

SC: Failure to file I-T returns not suppression of income
June, 11th 2007

Omission or negligence on the part of an assessee to disclose proper particulars of his income-tax returns would not necessarily constitute a deliberate act of suppression to invite punitive action from tax officials, the Supreme Court has ruled.

Concealment of income and furnishing of inaccurate particulars carry different connotations. Concealment refers to deliberate act on the part of the assessee. A mere omission or negligence would not constitute a deliberate act of suppression or false declaration, the apex court said.

The order imposing penalty is quasicriminal in nature and thus, the burden lies on the department to establish that the assessee had concealed his income, a Bench of Justices S B Sinha and Markandeya Katju said while upholding an appeal filed by an assessee. Appellant T Ashok Pai, an engineer had challenged a judgment of the Karnataka high court, which rejected his plea that the alleged false assessment was prepared by the Syndicate Bank, his banker to whom he had given the general power of attorney.

The high court had upheld the argument of tax officials that if the explanation of Pai was to be accepted, every tax evader could take shelter by shifting the blame on his/her clerk or accountants.

However, the SC held that if an explanation given by the assessee with regard to the mistake committed by him has been treated to be bona fide and it has been found that he had acted on the basis of wrong legal advice, the question of imposing a penalty does not arise.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Publishing Management System PMS News Management System Publishing Management System Development Online News Management System for media company custom Publishing management system development Survey management system Market Res

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions