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2012 (7) TMI 595 - AT - Income TaxPenalty u/s 271(1)(C)- assessee contested that on same facts penalty was not even initiated during the A.Y. 2001-02 - Held that:- In the year under appeal assessee had not disclosed the sale of the plot during the year under appeal and it was only on enquiry made by the A.O. during assessment proceedings after finding some credit entries in the assessee’s bank account that the full facts were brought on record. Had there been no scrutiny assessment during the year under appeal, the full facts would not have come to light - the facts of both the years are not comparable as during the assessment year 2001-02 the assessee duly declared sale of half portion of plot as capital gain and also claimed deduction u/s 54EA. Therefore, there was complete disclosure of facts when assessee filed his return of income for that assessment year - pure case of concealment of income - against assessee.
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