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2013 (12) TMI 1362 - AT - Income TaxPenalty u/s 271(1)(c) - Held that:- The assessee declared income from capital gains as when realized by him that such income has inadvertently not returned - No show cause notice was issued before 20.02.2004, the revised computation filed by the assessee on the said date cannot be said to declare additional income of the assessee after detection of concealment by the department - Following AVR Prasad vs. ITO [2005 (8) TMI 308 - ITAT HYDERABAD-B] - Penalty cannot be levied if any income is voluntarily declared before any concealment is detected - The Assessing Officer has not found the explanation furnished by the assessee to be false - Penalty cannot be levied if any bona fide mistake is involved - Decided against Revenue.
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