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2013 (12) TMI 186 - AT - Income TaxPenalty u/s 271(1)(c) - The assessee filed his return of income for assessment year 2004-05 on December 12, 2006 showing income of Rs.4,99,140 and for the assessment year 2005-06 filed a return of income on December 31, 2007 showing income of Rs. 10,49,250 – The penalty was levied for not filing the return within the time allowed for filing of return - Held that:- The returns of income were not valid returns as they were not filed within the time allowed under section 139(4) - In view of Explanation 3 to section 271(1)(c) the entire assessed income constitutes concealed income – The assessee failed to explain as to why the penalty u/s 271(1)(c) shall not be levied when the return is not filed within the time allowed under section 139 when the assessee had taxable income - The default is not mitigated by filing the return before the time limit of completion of assessment specified under section 153(1) - Decided against assessee.
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