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2012 (9) TMI 362 - AT - Income TaxPenalty u/s 271(1)(c) – addition on account of unexplained investment and dis-allowance of agricultural income – assessee contended that statement of agricultural income disclosed by the appellant was on estimate basis and the AO has disallowed certain amount of agricultural income on estimate basis - as returned income and assessed income both being on estimate basis, penalty u/s 271(1)(c) is not attracted - Held that:- Estimation cannot result in levy of penalty straight way in a mechanical manner. The assessee had neither concealed any income nor furnished any inaccurate particulars. It was a denial of the assessing authorities which was adjudicated upon by the Tribunal, which assessee has submitted as mentioned above. In the light of the same, penalty levied u/s. 271(1)(c) on the part estimation sustained by the Tribunal is cancelled – Decided in favor of assessee
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