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2003 (5) TMI 18 - HC - Income TaxPenalty u/s 271(1)(c) - original return disclosing a total income of Rs. 48,650 and after search, the assessee had filed a revised return showing a total income of Rs. 1,98,650, which would show that the assessee had offered an additional income of Rs. 1,50,000. The Assessing Officer has completed the assessment on a sum of Rs. 2,00,900, which shows that over and above the amount offered in the revised return, the AO has made a further addition of Rs. 2,250. – Held that assessee is entitled to immunity under the amnesty scheme in respect of a sum of Rs. 1,98,650, and the amount that can be subjected to penalty is Rs. 2,250 - if a revised return offering a higher amount is filed after the search and seizure, but prior to the issuance of notice under section 147, the return must be treated as voluntary and one filed before detection in respect of the amount offered in the said revised return. – Penalty rightly cancelled
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