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2013 (2) TMI 220 - ANDHRA PRADESH HIGH COURTPenalty u/s 271(1)(c) - furnishing of inaccurate particulars - assessee voluntarily offered Rs.30,63,310/- for tax. - It was stated that the amount was shown in the capital account and was not shown as a capital receipt. But since the issue had arisen, it was being offered as taxable income. - held that:- The admitted position is that the amount of Rs.30,63,310/- was shown by her in the return. That being the position, it cannot be said that there was any concealment. There is no dispute about the fact that the amount was correctly mentioned and therefore, there is also nothing inaccurate in the particulars furnished by her. The only error that seems to have been committed was that it was not shown as a capital receipt. But as soon as this was pointed out, the error was accepted and the amount was surrendered to tax. - No penalty - Decided in favor of assessee.
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