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2014 (5) TMI 816 - ITAT HYDERABADPenalty u/s 271(1)(c) of the Act - Addition on account of purchase and sale of various properties – Held that:- The source of income of the assessee is from business of real estate up to the AY 2005-06 and for the AY 2006-07 and 2007-08, the source of income is salary income - It is not that the bona fide belief claimed by the assessee is without any basis - there is a reasonable cause for the non-disclosure of the relevant income by the assessee - it is not a fit case for the levy of penalty on account of concealment u/s 271(1)(c) of the Act - the assessee has accepted the additions made in the assessment does not by itself justify the imposition of penalty for concealment - the amounts involved in the AY 2006-07 and 2007-08 are very meager, there was no justification for the imposition of penalty u/s 271(1)(c) of the Act – the order of the CIT(A) is set aside – Decided in favour of Assessee.
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