Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2015 (4) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2015 (4) TMI 1060 - AT - Income TaxPenalty u/s 271(1)(c) - income in question was included in the return filed by the assessee under section 153AHeld that:- In view of the fact that the income in question was covered by the declaration made in the statement recorded under section 132(4) and the tax thereon was duly paid by the assessee, the provisions of Explanation 5 to section 271(1)(c) of the Act will come into play on the facts of this case. Accordingly, as the assessee rightly contends, penalty under section 271(1)(c) can not be sustained in law. In any event, as held in the case of Kirit Dahyabhai Patel vs. ACIT [2015 (1) TMI 201 - GUJARAT HIGH COURT] , the penalty under section 271(1)(c) of the Act can only be imposed in respect of an income over and above the income disclosed in the return filed under section 153A, and since the income in question was included in the return filed by the assessee under section 153A, the impugned penalty is unsustainable. For this reason also, the impugned penalties therefore, deleted. - Decided in favour of assessee
|