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2019 (3) TMI 142 - HC - Income TaxPenalty u/s 271(1)(c) - furnishing inaccurate particulars of his income - exemption u/s 80-P claimed though it was excluded from the purview of Section 80-P of the Act w.e.f. 01.04.2007 - error in filing return - HELD THAT:- It is pertinent to note that Section 80-P is a part of Chapter VI-A of the Act. It is also pertinent to note that under Section 80-B(5) of the Act, the gross total income means the total income computed in accordance with the provisions of the Act before making any deductions under Chapter VI-A of the Act. Evidently, the assessee had furnished inaccurate particulars of his income and had also concealed the particulars of his income which were deliberate and intentional. The Tribunal or the appellate authority committed no error or illegality in not accepting the plea of the assessee that the mistake in filing its return was bonafide and because of the amendment in the Finance Act, 2006 excluding the assessee from the purview of Section 80-P. Mistake in filing the return occurred - assessee lacked the services of professional chartered accountants can also not be accepted in as much as under Section 44-AB - HELD THAT:- The assessee was required to get its account audited by an accountant as defined in Section 288(2)-Explanation, i.e. chartered accountant within the meaning of Chartered Accountants Act, 1949. It is not a case where the assessee has claimed deductions under any head which had been disallowed by the revenue but is a case where the assessee had concealed its total taxable income and furnished inaccurate details in its return. The appellant/assessee was not able to establish his bonafides regarding the inaccurate particulars furnished in his return. The proceedings under Section 271(1)(c) of the Act were rightly initiated against the assessee and the penalty was also rightly imposed on him.- Decided against assessee.
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