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2017 (2) TMI 580 - AT - Income TaxPenalty u/s 271(1)(c) - Held that:- As per provisions of Section 271(l)(c) of the Income-tax Act, penalty can be imposed if the assessee has concealed the particulars of income or furnishing the inaccurate particulars of such income. In the case under consideration, there is no dispute with regard to the fact that the particulars of income are reflected in the Return of Income and it is not the case of the Revenue that the return of income filed was invalid, it was accepted by the AO. Even the assessee has accepted and disclosed the method of earning such income and paid the tax accordingly. Hence, it cannot be held that assessee had concealed the income or filed inaccurate particulars before the AO. - Decided in favour of assessee
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