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2015 (10) TMI 541 - HC - Income TaxPenalty under Section 271(1)(c) - whether income of ₹ 40 lakhs in the return of income filed for Assessment year 2001-02 was due to inadvertence/mistake? - Held that:- No particulars of how and why the mistake occurred are forthcoming. Moreover, the appellant assessee had alongwith his original return of income, not paid the full tax attributable to amount of ₹ 40 lakhs. However, alongwith the revised return of income, the assessee paid tax of ₹ 2 lakhs on 12 December 2008. The assessment was completed on 26 December 2008. Till that date the additional tax payable on the amount of ₹ 40 lakhs has not been tendered by the appellant-assessee. It is only thereafter before passing the order of penalty that the appellant paid further tax which was payable on the additional income of ₹ 40 lakhs. Moreover, the immunity available from penalty under clause 2 to Explanation 5 to Section 271(1)(c) of the Act was forsaken by the appellant not honouring the statement made by him under Section 132(4) of the Act. This was on account of not having disclosed the same in the return of income filed only consequent to notice under Section 153A of the Act. We find that all the Authorities have concurrently come to the finding of fact that non disclosure of additional income of ₹ 40 lakhs in the return of income as originally filed consequent to notice under Section 153A of the Act was not bonafide. Penalty confirmed - Decided against the assessee.
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