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2016 (5) TMI 1011 - AT - Income TaxPenalty u/s 271(1)(c) - revised computation of income filled - Held that:- The assessee already revised computation of income and paid the taxes before being noticed or detected by the Assessing Officer and further the assessee could not revise return because the original return was filed belated. Thus, in our considered view, the assessee has offered explanation for the mistake of not offering the income in the return of income filed and substantiated the explanation, which is also found to be bonafide. Thus, the Explanation- 1 to the section 271(1)(c) of the Act is not attracted and no penalty for concealment of income or inaccurate particulars of income is leviable in the case of the assessee. - Decided in favour of assessee
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