Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2018 (5) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2018 (5) TMI 1747 - AT - Income TaxPenalty imposed u/s 271(1)(c) - deposit of surplus funds in FDRs - Held that:- When the assessee has accepted the quantum, paid the taxes as well as interest pursuant to the decision rendered by Hon’ble Uttarakhand High Court and confirmed by Hon’ble Apex Court whereby deposit of surplus funds in FDRs are held to be not covered by Doctrine of Mutuality, we are of the considered view that it does not amount to concealment of particulars of income and furnishing of inaccurate particulars of income particularly when all the necessary details were already furnished by the assessee at the time of filing original return in accordance with the settled principles of law as per decision rendered by Hon’ble Apex Court in Chelmsford Club (2000 (3) TMI 4 - SUPREME COURT) case AO has failed to make out the case of concealment of income or furnishing of inaccurate particulars of such income by the assessee rather it is a case of imposing penalty on the basis of decision rendered by the Hon’ble Apex Court in Bangalore Club (2013 (1) TMI 343 - SUPREME COURT) case which was not in the notice of assessee at the time of filing the return pursuant to the notice u/s 148 of the Act sufficient to attract the provisions contained u/s 271(1)(c), so we find no illegality or perversity in the deletion of penalty made by the ld. CIT (A). Consequently, all the aforesaid appeals filed by the Revenue are hereby dismissed
|