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2012 (7) TMI 724 - AT - Income TaxPenalty u/s 271(1)(c) – search – assessee voluntarily disclosed additional income on account of unaccounted raw material and machinery - assessee did not disclose the surrendered amount in his return filed - penalty proceedings u/s 271(1)(c) of the Act were initiated on account of failure on the part of the assessee in disclosing the surrendered amount and for concealment of income detected during the course of survey – Held that:- Mere enquiry about surrendered income having not been shown in the return, does not tantamount to detection of concealment of income u/s. 271(1)(c) of the Act - mere inadvertence in not showing the amount surrendered during the course of survey, on which tax had also been paid before filing the return , in the absence of any concealment or furnishing of inaccurate particulars, is no ground for levying penalty, especially when there is nothing on record to show that any material particulars were concealed or furnished inaccurate - levy of penalty is not justified – In favor of assessee
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