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2011 (12) TMI 334 - AT - Income TaxPenalty Proceedings - Assesse Co-operative Society - sugar factory for benefit of tribal population - Deposits with bank with not to be withdrawn without prior approvals - Income not shown in return, penalty levied - Held That:- We find that the nationalised banks have made TDS on the amount of the interest accrued on the capital contribution of the government and the TDS certificates were filed by the assessee along with its return of income and therefore it could not be said that the material facts relevant for its assessment were not disclosed by the assessee before the AO at the stage of the assessment itself. In our considered view no prudent person can try to conceal the income or file inaccurate particulars thereof, regarding which, the complete details are filed with the AO at the assessment stage in the form of TDS certificates. This conduct of the assessee takes away the case of the assessee from the rigorous of penal provisions of section 271(1)(c) of the Act.
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