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2011 (11) TMI 681 - AT - Income TaxPenalty levied u/s. 271(1)(c) - income declared u/s 153A - immunity from penalty - Held that:- The Hon’ble Gujarat High Court in the case of CIT Vs. Mahendra C. Shah (2008 (2) TMI 32 - GUJARAT HIGH COURT ) followed by the Ld CIT(A), it has been held that it is not required to specify the manner in which the income was earned in respect of the amount offered to tax in the return of income filed pursuant to search action by paying taxes thereon for availing immunity from penalty under Explanation 5 of Section 271(1)(c) of the Act. The same decision has been relied upon by the Ld. A.R. before us. Since the issue raised is fully covered by the decision of the Hon’ble Gujarat High Court in the case of CIT Vs. Mahendra C. Shah (Supra) followed by the Ld CIT(A), we are not inclined to interfere with the first appellate order in this regard. The same is upheld.
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