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2018 (10) TMI 423 - AT - Income TaxPenalty u/s 271(1)(c) - difference in book profits computed during the course of assessment proceedings - MAT computation difference - proof of concealment of income - mistake in the computation made by the assessee u/s 115JB for computing the book profit - DR’s contention is that it was only when the assessee was cornered by issuing notice u/s. 143(2) that the assessee filed the revised computation of book profit - Held that:- The assessee had produced balance sheet and profit & loss account before the AO during the course of assessment proceedings and the income computed in the profit and loss account has been accepted and during the course of assessment proceeding the assessee filed revised computation which has also been accepted by the Ld. AO. Mere differences were in computation of book profit is not a concealment of income particularly when the assessee had filed revised computation of book profit showing correct figure thereof, on which the AO has no objection. It can hardly be said that the assessee filed revised computation only when the ambiguity was pointed out by the AO. Secondly, the ld. CIT(A) in the impugned order has given various reasonable possibilities to commit the mistake by the assessee while computing the book profit in the return of income, which stood corrected by the assessee by filing the revised computation of book profit. The revised computation of book profit so filed by assessee stood accepted by the AO. In such view of matter, various decisions relied by the ld. DR are not applicable to the present case having not been based on parallel facts. Thus we uphold the order of the Ld. CIT(A) and he has rightly deleted the penalty imposed by the AO - decided against revenue
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