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2017 (9) TMI 488 - ALLAHABAD HIGH COURTLevy of penalty u/s 271(1)(c) - income surrendered during Survey - receipt of cash by way of donations - Held That:- Tribunal is of view that penalty u/c 271(1)(c) is imposed only when there is concealment of income and furnishing inaccurate particulars of income.But in present case assessee has filed full particulars of income in return u/s 139 and within time and also paid tax. - Decision of the Supreme Court in the case of CIT Ahmedabad Vs. Reliance Petroproducts (P) Ltd. [2010 (3) TMI 80 - SUPREME COURT] followed, wherein it has been held that if no information given in the return was found to be incorrect or inaccurate and the full particulars are disclosed, the assessee cannot be held guilty for the purposes of most punishment under Section 271(1)(c) of the Act. - Decided in favor of assessee.
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