Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2016 (1) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2016 (1) TMI 174 - AT - Income TaxPenalty u/s. 271(1)(c) - proceedings u/s. 153A - Assessee admitted additional incomes and paid taxes thereon - Held that:- Since the facts in this case also are more or less similar to the case of the case of Dilip Kedia Vs. ACIT (2013 (7) TMI 934 - ITAT HYDERABAD ) and assessee filed his returns of income much before the provisions of Explantion-5A were introduced on the statute and as rightly held by the Supreme Court in the case of Reliance Petro Products [2010 (3) TMI 80 - SUPREME COURT], the penalty provisions as applicable on the date of filing the original return are applicable, it is of the opinion that there cannot be any penalty u/s. 271(1)(c) since assessee filed returns of income as declared in statements u/s. 132(4) and proceedings u/s. 153A are independent and separate proceedings from the regular assessment proceedings. In view of this, penalty u/s. 271(1)(c) is not warranted on the facts of the case. Accordingly, the orders of AO and CIT(A) are set aside and grounds are allowed. - Decided in favour of assessee.
|