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2012 (9) TMI 442 - ITAT, AGRAPenalty u/s. 271(1)(c) - surrender of income of Rs.5,00,000/- by assessee - orders of penalty enhancement - Held that:- The AO initiated the penalty for filing inaccurate particulars of income, but in the assessment order, the AO failed to point out any specific instance of inaccurate particulars of income or instance of concealing the particulars of income, for which assessee made surrender of income. - It would mean that the AO was not sure which particulars of income was inaccurate - it is not a fit case for levy of penalty u/s. 271(1)(c) on the surrender of additional income - Since the substantial penalty has been cancelled the issue of enhancement of penalty would not arise - in favour of assessee. Penalty u/s. 271(1)(c) - unsecured loan - Held that:- As the assessee failed to file any explanation regarding bogus liability shown in the books of account, the levy of penalty is justified against the assessee - against assessee.
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