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2014 (7) TMI 1029 - AT - Income TaxPenalty u/s 271(1)(c) – Disclosure of additional income - Held that:- the assessee voluntarily disclosed additional income during the course of assessment proceedings and paid tax - it cannot be said that additional income disclosed during the course of assessment proceedings was not voluntary or that the assessee wanted to conceal the income - Even though the revised return was found to be invalid, the AO accepted the income as declared in the revised return and computation - AO did not bring any material on record that the declaration of income made by the assessee in his revised return or his explanation was not bona fide - there appears to be no basis for imposition of penalty on the ground that the assessee furnished inaccurate particulars of income - revenue have not placed before us any material nor brought to our notice any contrary decision so as to enable us to take a different view in the matter – Decided against Revenue.
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