Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2016 (4) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2016 (4) TMI 859 - AT - Income TaxPenalty levied under section 271(1)(c) - Held that:- It is a clear case of concealment of income. The assessee has admitted an income of ₹.1,46,232/- in the return filed on 15.09.2009 for the assessment year 2007-08. But the profit and loss account shows the income at ₹.2,17,794/-. In view of the above, the submission of the ld. Counsel for the assessee that the assessee has filed the return in time for the assessment year 2007-08 and no penalty should be levied is not acceptable since filing of return under section 139(1) or 139(4) are not subject matter under section 271(1)(c) of the Act. Whether the assessee has concealed the particulars of income and furnished inaccurate particulars of income is the subject matter under section 271(1)(c) of the Act. In this case, the assessee is not regularly assessed to income tax. But for survey under section 133A of the Act, the assessee would not have filed the return of income, therefore, the question of filing the return of income in time or not does not arise and moreover, penalty under section 271(1)(c) of the Act was levied by the Assessing Officer for a clear case of concealment of income and furnishing of inaccurate particulars of income. Under the above facts and circumstances, the penalty levied under section 271(1)(c) and restricted to the extent of 100% by the ld. CIT(A) for the assessment year 2007-08 stands confirmed - Decided against assessee.
|