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2014 (8) TMI 165 - ITAT HYDERABADPenalty u/s 271(1)(c) - Additional income declared – Held that:- The entire basis of the penalty u/s 271(1)(c) of the Act is the additional income declared by the assessee in her return of income filed in pursuance to the notice issued u/s 153C of the Act – the additional income offered was on the basis of the amount mentioned in the promissory notes seized during the search and seizure operation in the case of assessee’s husband Dr. Bhaskara Rao - there is no reference to the assessee in the promissory notes - the amount was advanced by him, only because he offered it at the hands of his wife, the assessee, it cannot be concluded that assessee has concealed her income or furnished inaccurate particulars of income - penalty cannot be imposed u/s 271(1)(c) of the Act against the assessee – Decided in favour of Assessee.
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