Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2012 (9) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2012 (9) TMI 956 - AT - Income TaxPenalty u/s 271(l)(c) - income declared in the returns of income filed in response to notice under s. 153A - Held that:- No addition is made by the AO over and above the income declared in the returns of income filed in response to notice under s. 153A as the expression "tax sought to be evaded" appearing in cl. (c) to s. 271(1) is to be understood as a difference between the income declared by the assessee in the return of income and the income finally assessed. After introduction of s. 153A w.e.f. 1st June, 2003, there is no specific penalty provision to deal with the assessments framed in consequence of search and seizure action under s. 132 of the Act. In the present case, as the returned income and income assessed are the same, otherwise also, no penalty can be levied. We, therefore, hold that in all the appeals before us, the AO was not justified in levying the penalty under s. 271(l)(c) of the Act. We accordingly, delete the penalties levied by the AO in all the appeals for the abovementioned reasons. - Decided in favour of assessee.
|