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2018 (8) TMI 1763 - AT - Income TaxPenalty u/s 271(1)(c) - addition on the basis of the details collected from the Government departments about the work orders, date of inspection and payments made by them from time to time to the assessee - Held that:- The total receipts declared by the assessee which is more than ₹ 4.61 crores as compared to the total receipts as per the information received from the departments at ₹ 4,26,84,832/-, the difference amount can be part of the declared receipts of the assessee. Without going into the said issue, when it is not disputed that the assessee has not claimed the said amount of ₹ 14,25,059/- as part of the opening balance of work in progress of subsequent year then the addition made by the AO for the year under consideration would not ipso facto amount to concealment of particulars of income. The explanation of the assessee that there may be a discrepancy in the information obtained by the AO and analyzing the same when the assessee has already declared the total receipts more than the total receipts as per the information furnished by the departments, then in considering the totality of the facts and circumstances of the case, we find that all these explanations of the assessee would constitute a bonafide explanation though the same may not be accepted for the purpose of addition in quantum proceedings - Decided in favour of assessee.
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