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2004 (7) TMI 86 - HC - Income TaxPenalty u/s 271(1)(c) – surrender of income - case of the assessee is that during the course of search, the assessee has surrendered Rs. 22,32,000, on that amount there should be no penalty in view of the Explanation 5 to section 271(1)(c) - The penalty has been imposed on the ground that as tax has not been paid along with interest in time, the benefit of Explanation 5 to section 271(1)(c) of the Act cannot be extended to the assessee. - There is no dispute on the facts that search was continued till August 1, 1987, and on August 1, 1987, in the statement, the assessee has disclosed a particular concealed income and surrendered it for the tax and tax has been paid along with interest. In these circumstances, the Tribunal has committed error in restoring the penalty order of the Assessing Officer.
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