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2010 (11) TMI 627 - AT - Income TaxSearch and seizure - Penalty - concealment of income - Undisclosed income - assessee filed return declaring estimated income of Rs. 65,000 - Though the Tribunal in their quantum order referred to certain inconsistencies in the explanation filed by the assessee before the learned CIT(A) in respect of the amount of Rs. 10 lacs, ultimately, addition of only Rs. 3.50 lacs was sustained on the preponderance of probabilities - However, notwithstanding the difference in the two circumstances, it is now well established that they lead to the same effect namely, keeping off a certain portion of the income from the return - It is, therefore, necessary to reappreciate and reconsider the matter so as to find out as to whether the addition made in the quantum proceedings actually represents the concealment on the part of the assessee as envisaged in s. 271(1)(c) of the Act and whether it is a fit case to impose the penalty by invoking the said provisions - As already stated, in the instant case the assessment was completed under s. 144 of the Act in pursuance to return declaring estimated income and completion of such assessment under s. 144 of the Act has been upheld by the learned CIT(A) - Since the additions have been sustained on estimate or preponderance of probabilities, in our opinion, it is not a fit case to attract the levy of penalty under s. 271(1)(c) of the Act. A mere rejection of the claim of the assessee by relying on different interpretations does not amount to concealment of the particulars of income or furnishing inaccurate particulars of income by the assessee - Decided in favour of the assessee
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