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2012 (8) TMI 763 - AT - Income TaxPenalty u/s 271(1)(c) - consideration for transfer of ownership rights of a film received in AY 2006-07 - agreement signed in 2007-08 - assessee disclosed the consideration amount in AY 2006-07 - CIT (A) vide order for AY 06-07 held that the said amount could only be taxed in next AY 2007-08 - assessee filed revised computation of income for AY 07-08 before finalization of assessment of said AY, not accepted by AO - Held that:- Aforesaid factual matrix nowhere proves that the assessee had either concealed the income or furnished any inaccurate particulars. The very fact that it had duly mentioned the consideration in year of receipt itself proves its bonafides. Even otherwise also, every instance of addition in the assessment proceedings does not ipso facto led to conclusion that an assessee is guilty of concealment etc. as the penalty proceedings are altogether different in nature. Deletion of penalty stands confirmed - Decided against Revenue
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