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2016 (12) TMI 1009 - AT - Income TaxPenalty levied u/s 271(1)(c) - difference in interest income diclosure - Held that:- On a careful consideration of the facts, we find that there is no willful attempt to evade taxes by the assessee as the assessee has already returned substantial income in the return. The contention of assessee that he had acted bona fide based on the TDS certificates issued by Bank of Baroda appears to be genuine. In the circumstances, we find that there is no concealment of income or furnishing of inaccurate particulars of income by the assessee. The authorities below have not proved that the explanation given by the assessee is neither false nor genuine. Thus, we delete the penalty levied u/s 271(1)(c) of the Act. - Decided in favour of assessee
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