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2008 (7) TMI 363 - HC - Income TaxPenalty u/s 271(1)(c) for concealment of Income - on the basis of an information, a notice under section 148 of the Act was issued on the ground that certain income chargeable to tax had escaped assessment. In response to the said notice, the assessee filed the return of income; wherein income was declared at ₹ 63,39,640, which, inter alia, included the entire amount of receipts on account of sale proceeds of the shares at ₹ 33,10,380 against long-term capital gain of ₹ 29,74,951 declared in the original return of income. Aassessee submitted that return of income is being voluntarily revised to include the entire amount of receipt along with other amount to buy peace of mind and to avoid hazards of litigation and also to save himself from any penal action – Held that The assessing authority had failed to take any objection that the declaration of income made by the assessee in his revised return and in his explanation were not bona fide. Penalty has been deleted rightly.
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