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2011 (1) TMI 1183 - KERALA HIGH COURTPenalty - reassessment proceedings - assessee offered an additional income of Rs. 50 lakhs for assessment. Out of Rs.50 lakhs so offered, Rs. 35 lakhs was assessed for 2005-06 and Rs. 15 lakhs assessed for the year 2006-07 which were done in terms of the proposal of the assessee accepted by the Assessing Officer. Even though notice under section 271(1)(c) was issued initiating penalty for the year 2005-06 – Held that:- after disabling the assessee from filing appeal or challenging an assessment made on agreed basis, the department cannot hold the assessee guilty of concealment. - after accepting the offer of the assessee for assessment of additional income, Assessing Officer cannot simultaneously levey penalty treating such income as concealed income. We therefore uphold the order of the Tribunal, appeal is dismissed
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