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2016 (5) TMI 1094 - AT - Income TaxPenalty under section 271(1)(c) - assesse disclosed the income on the basis of declaration made in the statement under section 132 - Held that:- The assessee has demonstrated that the additional income declared in response to the notice received under section 153(A) and 153(c) of the Act are based on the declaration made in the statement under section 132(4) of the Act. Shri Mahendra B. Kataria has disclosed that income was earned for accepting on-money. ₹ 12 lakhs has been accounted for in the individual accounts. Similarly, in the case of Sarikha Jewellers, it was alleged that the income was on account of undisclosed stock of gold. These aspects have been discussed during the course of search, and the incomes have been offered. We allow the appeals of the assessee and deleted the impugned penalty. - Decided in favour of assessee
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