Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2016 (10) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2016 (10) TMI 1117 - HC - Income TaxPenalty u/s 271(1)(c) - revision downwards could not be justified - Held that:- This court notices that the circumstances of the case are peculiar in that the assessee provides the income downwards after receipt of scrutiny notice. It also offered an explanation as to the unavailability of material to substantiate the revision which according to it was on account of over statement of net income. Ordinarily, the assessee’s upon receipt of scrutiny of the revised revision, the returns upwards in which case the revenue could be justified in assuming that an attempt to conceal the material fact was made. In the present case, the inability of the assessee to substantiate its downward revision- for which the explanation offered was the absence of books on account on cessation of its business operations was deemed not satisfactory. We only concur with the ITAT opinion that CIT(A)’s finding that the assessee is guilty of furnishing inaccurate particulars of income is inappropriate as the Assessing Officer at any point of time has not scrutinized 2003-2004 of the assessment on records and issued any notice before the filing of revised return. Thus, when the error was known to the assessee, the assessee itself has filed the revised return. This act shows that it is not intentional furnishing of inaccurate particulars of income on behalf of the assessee. - Decided against revenue
|