Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2018 (8) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2018 (8) TMI 383 - HC - Income TaxPenalty u/s 271(1)(c) - undisclosed income related to on money paid for purchase of immovable property - Held that:- Tribunal reiterated the factual position before it came to the conclusion about the conduct of the assessee and that he is entitled for immunity available under Explanation 5 to Section 271(1)(c) of the Act on two counts - firstly, the immovable property is not an article or thing so as to apply Explanation 5 and secondly, even if Explanation 5 to Section 271(1)(c) of the Act is applicable, the assessee has given at best information regarding the source and particularly, no question was asked by the Department. Tribunal on re-appreciation of the factual position, deleted the levy of penalty. Thus, the entire issue revolves around the factual position and we find that no substantial question of law arises for consideration. Apart from that, we note that the quantum of penalty, which was levied by the Department, is lesser than the threshold limit prescribed in the Circulars of the Central Board of Direct Taxes prescribing the limits of the Revenue to pursue the appeals, which are pending before this Court.
|