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2017 (8) TMI 1527 - HC - Income TaxPenalty u/s 271(1)(c) - addition of compulsory acquisition by NHAI - deemed consideration under Section 50C - HELD THAT:- Addition was wrongly made and the assessee has furnished all material facts before the AO under these facts the assessing officer ought not to have levied the penalty. We find force into the contention of the assessee that in the penalty proceeding the AO should consider the facts in right perspective. He should come to a specific finding with regard to concealment of income. In the considered view, the explanation as given by the assessee ought to have been considered by the AO, AO should not to have passed penalty order in a mechanical way merely on the assumption that the assessee has accepted the charge of concealment of income. - Decided in favour of assessee.
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