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2013 (9) TMI 15 - AT - Income TaxPenalty u/s 271(1)(c) - voluntary surrender of income - concealment of income or furnishing inaccurate particulars of income - Held that:- In the assessment order, there is no adverse comment about the assessee’s books of account and the surrender offer as made by the assessee was accepted by the assessing officer without any objection or reservation thereof about income offered or the other contents. The sole basis of assessing the income is only this surrender offer without relying any adverse material - Besides in this case the finding in assessment order is not of concealed income but that of a voluntary surrender and hence cannot be made a sole basis for imposing penalty. Thus, the finding in the assessment order itself does not militate against the stand taken by the assessee that it was a voluntary surrender. In view of the above facts and circumstances we have no hesitation to hold that the assessee made this surrender offer voluntary in peculiar circumstances of this case. Assessing officer himself accepted it as voluntary offer, reproduced the same in his order and assessed the income on exactly the same amount. There is no reference to any investigation or adverse material. Thus, the assessee’s offer is to be held as voluntary surrender, accepted by the department accordingly. There being no adverse material available on record or any reliance thereon, the observations of assessing officer and CIT(A) about concealment or inaccurate particulars are not borne from the record and the same are contradictory to each other - Decided in favour of assessee.
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