Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2015 (11) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2015 (11) TMI 930 - CALCUTTA HIGH COURTPenalty under section 271(1)(c) - disparity between the original return and the assessed income on revised return - ITAT deleted the addition - Held that:- Admittedly, in the year 1959 the books of accounts of the assessee were seized. Having no other option the assessee filed income tax returns on estimation without enclosing the audit report, profit and loss account and balance sheet. After the books of accounts were returned, revised returns were filed. As the Assessing Officer found that there was disparity between the original return and the assessed income on revised return, penalty proceedings under section 271(1)(c) were initiated. The Assessing Officer had levied penalty at the rate of 20% which was set aside by the Tribunal. Since the assessee had filed revised return after books of account were returned and as on appreciation of facts the Tribunal found that there was no material on record to show the original return was not bonafide or there was no fraud or wilful neglect on the part of the assessee while filing the original returns and the Tribunal in appeal found that admission cannot give jurisdiction to the Assessing Officer to levy penalty, in our view, no substantial question of law arises from the order passed by the Income Tax Appellate Tribunal.- Decided in favour of assessee.
|