2014 (7) TMI 54

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.... imposed under Section 271(1)(c) of the Income Tax Act, 1961 (hereinafter referred to as the "Act"). 2.0. We have heard Shri Sudhir Mehta, learned advocate for the Revenue and Shri R.K. Patel, learned advocate for the assessee. It appears that while completing the assessment proceedings for the AY 2004-05 the Assessing Officer made the certain addition and on the basis of that passed the order of penalty under Section 271(1)(c) of the Act. The same has been set aside by the learned CIT(A) by observing in para 6 as under: I have examined the order imposing the penalty and the submissions made before me by the appellant company. The penalty was levied by the AO on the basis of the facts that: A). Interest not charged on loan to US Subsidia....

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....xecution. The word "conceal" derived from the lation wordconcelare" which implies to hide. In Webster;s new International dictionary, the word has equated " to hid or withdraw from observation, to cover or keep from sight, to prevent discovery of, to withhold knowledge of There may be cases where the facts may attracts bot the offences and in some cases there may he overlapping the two offences. Thus, account or a deduction or exemption, is claimed, there would be concealment when the facts relating to them have been kept back by the assessee. It is the assessee who has the knowledge of the particulars. It is also true that even where the assessee does not make a positive assertion amounting to falsehood, an incorrect and ambiguous statemen....