Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2018 (5) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2018 (5) TMI 706 - AT - Income TaxPenalty u/s 271(1)(c) - survey conducted u/s 133A - assessee surrendered additional stock and paid the taxes thereon but not disclosed in return of income - non specification of charge - Held that:- The assessee not only surrendered the income during the course of survey but also paid the tax thereon before filing the return of income - assessee did not reflect the surrendered amount and tax paid thereon in the said return but when the mistake was pointed out, the assessee surrendered that income. It is well settled that the assessment proceedings and the penalty proceedings are two different and separate proceedings. Therefore, even when some addition is to be made to the income of the assessee, it is not always necessary that the penalty u/s 271(1)(c) of the Act is to be levied. In the present case, it cannot be said that the surrendered income was not voluntarily and the assessee wanted to conceal the income since the tax had already been paid on the amount which was surrendered during the course of survey. AO in the notice issued u/s 274 r.w.s. 271 was not sure as to whether the assessee concealed the particulars of income or furnished inaccurate particulars of such income which is evident from the said notice wherein neither of the two was struck off. Penalty u/s 271(1)(c) of the Act was not leviable - Decided in favour of assessee.
|