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2014 (9) TMI 729 - HC - Income TaxPenalty u/s 271(1)(c) – Amount voluntary surrendered by assessee – Held that:- The assessee has surrendered the amount voluntarily to purchase peace - As per the then law, the penalty was not leviable, when the revised return was accepted by the AO as decided in CIT Vs. Shyam Lal [2004 (10) TMI 54 - MADHYA PRADESH High Court] - each deposit was less than ₹ 20,000/- which is meager amount.- The assessee might have contested it on merit, but to purchase peace, he has surrendered the amount, which was accepted by the Department - when it is so, then the penalty is not attributed – thus, the order levying the penalty is to be set aside – Decided in favour of assessee.
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