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2011 (11) TMI 672 - AT - Income TaxLevy of penalty u/s 271(1)(c) - Held that:- It is seen that there was a credit balance of ₹ 1,93,160/- in the name of Jagannath Traders as opening balance. The assessee surrendered this amount on account of difference in accounts of both the parties i.e. assessee and Jagannath Traders. To buy piece and to avoid litigation assessee surrendered this amount for taxation. It is further seen that the amount of difference has been paid by the assessee in subsequent year, partly by cheque and partly by cash. Copy of statement was produced during appellate proceeding. Therefore it can not be said that assessee has furnished in-accurate particular for concealing any income. Accordingly, hold that no penalty is leviable on this amount. It is also seen that the amount coming from early year as the same was shown as opening balance, therefore, for this reason also no penalty is leviable in the year considering. In view of the above facts and circumstances. Cancelled the levy of penalty.
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