Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2019 (8) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2019 (8) TMI 189 - AT - Income TaxPenalty u/s 271(1)(c) - difference of income disclosed in the return filed u/s.139(1) and return filed u/s.153A - addition of undisclosed income was based on the statement furnished under section 132(4) - HELD THAT:- Penalty under Explanation 5A to section 271 (1)(c), the of the Act can be attracted if the assessee was found to be the owner of any money, bullion, jewellery or other valuable article or thing or any income based on any entry in any books of account or other documents or transactions. But, in the case on hand, there was no such allegation made against the assessee either in the assessment or penalty or the CIT (A) order. Thus the issue arises whether the penalty can be levied under section 271 (1) (c) r.w. the explanation 5A of the Act merely on the basis of the statement furnished under section 132(4) of the Act. There cannot be any penalty under explanation 5 A to section 271(1)C of the Act merely on the basis of the statement furnished under section 132(4) of the Act, until and unless it supported with the incriminating document. Accordingly, we hold that there cannot be any penalty under section 271(1)C of the Act in the given facts and circumstances. Hence the ground of appeal of the assessee is allowed.
|