Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2003 (2) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2003 (2) TMI 9 - HC - Income Tax"Whether, Tribunal was right in law in confirming the order of the CIT (Appeals) cancelling the penalty of Rs. 17,22,818 levied u/s 271(1)(c) by the AO on account of concealment of income and furnishing of inaccurate particulars of its income by the assessee, which has come to the notice of the Revenue on account of a search under section 132 and pursuant whereto the assessee had filed a revised return declaring total income of Rs. 15,52,660 as against Rs. 6,17,370 offered in the original return?" - the undisclosed income disclosed in the revised return filed by the assessee was not noticed during the search operations and is not the subject matter of the seizure. Hence, as per the Board circular No. 423 the assessee is entitled to the benefit of the amnesty scheme. In that view of the matter, we are of the opinion that the Tribunal was justified in confirming the order or the Commissioner of Income-tax (Appeals) and holding that no penalty was leviable upon the assessee.
|