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2018 (9) TMI 712 - AT - Income TaxPenalty u/s 271(1)(c) - proof of concealment of income or furnishing of inaccurate particulars - Held that:- The assessee after receiving the notice u/s 143(2) filed revised computation after coming to the knowledge that the assessee has not included the capital gains at the time of calculating computation and filing return of income, although the amounts were disclosed in the balance sheet prepared in support of return. The assessee has admitted the mistake before the AO could detect such omission. Thus, it is not a case of furnishing of inaccurate particulars or concealment of income before the AO. Section 271 comes into picture when there is a failure to furnish returns or there is concealment of income or furnishing of inaccurate particulars before the AO. But in the present case before the AO, all the relevant facts were already available and the mistake has been rectified by the assessee prior to the mistake pointed out by the AO to the assessee during the assessment proceedings. The order of the CIT(A) is not correct, as there is no concealment of income or furnishing of inaccurate particulars. The penalty levied u/s 271(1)(c) of the Act is therefore quashed. The appeal of the assessee is allowed.
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