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2016 (9) TMI 379 - AT - Income TaxPenalty u/s 271(1)( c) - declaring the income from letting out of the office premises with various facilities under the head “Business Income” which was declared under the head “Income from House Property” in the return filed in the re-assessment proceedings u/s 148 of the Act and assessed accordingly - Held that:- The assessee has fully disclosed all the particulars of income in the return of income filed which can not be termed as inaccurate particulars by the assessee for the income. We are of the considered views that it could not be construed as filing of inaccurate particulars of income. Recalculation of income by the AO which is different from the income returned by the assessee, in that case, it cannot be said that the assessee has concealed the particulars of income or concealed particulars of income. The assessee has fully disclosed all the facts qua his income, and therefore the penalty cannot be levied. In the case of Roborant Investments (P)Ltd (2005 (12) TMI 458 - ITAT MUMBAI ) held that where the full and complete discloser is made by the assessee, and if the income returned by the assessee under a particular head so assessed by the AO under another head of income, penalty is not imposable under section 271(1)( c) of the Act. - Decided in favour of assessee
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