Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2013 (6) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2013 (6) TMI 12 - AT - Income TaxPenalty proceedings u/s 271(1)(c) - declaration of additional income during statement u/s.132(4) - assessee's own working of the WIP - due date of filing of return - whether CIT(A) erred in deleting the penalty on the ground that the assessee did not file the return of income till the date of search which took place on 16- 10-2008, as the time for filing of return u/s.139(l) was 30-09-2008 due to which the additional income was detected otherwise the assessee would have concealed the additional income declared? - Held that:- Once the legislature has not specified the "due date" as provided in section 139(1) in Explanation 5A, then by implication, it has to be taken as the date extended under section 139(4). In view of the above, it is held that the assessee gets the benefit / immunity under clause (b) of Explanation to section 271(1)(c) because the assessee has filed its return of income within the "due date" and, therefore, the penalty levied by the AO cannot be sustained on this ground. Even though the findings and the conclusions of the Commissioner (Appeals) cannot be affirmed however penalty is deleted in view of the interpretation of Explanation 5A to section 271(1)(c). Consequently, the ground raised by the Revenue is treated as dismissed.
|