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2011 (12) TMI 231 - AT - Income TaxPlea for waiver of penalty u/s 271(1)(c) addition on account of unexplained credit/ undisclosed sources accomodating entries of loan/credit entry lender company's person admitted amount during statement recorded assessee instead of rebutting the statement surrendered the amount assessee contending it to be voluntarily disclosure - Held that:- Onus was placed on the assessee to explain the difference between the assessed income and returned income, assessee did not discharge the said onus and did not offer any explanation during the penalty proceedings before the AO. Penal provision would operate when there is a failure to disclose fully or truly all the particulars. Indisputably, the assessee, instead of rebutting the statement of lender company's person recorded during the remand proceedings, surrendered the amount. It is also observed that when the assessee concealed incriminating material with regard to the income disclosed by the assessee, surrender cannot held to be voluntarily. It was made because the the appellant had no alternative but to surrender the amount before the department. It is also held that subsequent act of disclosure of an income would not make any difference and it cannot be said that the assessee had not concealed particulars of their income or had not furnished inaccurate particulars of such income. Thus, in light of the discussion made above and conduct of the assessee, order of CIT(A) in confirming the penalty imposed is upheld - Decided against the assessee.
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