Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2019 (9) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2019 (9) TMI 934 - AT - Income TaxPenalty u/s 271(1)(c) - Surrender of income as “income from other sources” in the revised return after receipt of summoned from the Dy. Director of Income Tax (Investigation) - further additions towards difference between the income shown in the revised return and the amount actually received in the bank account - HELD THAT:- The provisions of section 271(1)(c) of the Act are penal in nature and they are required to be strictly construed. These cannot be extended by way of liberal interpretation to include the cases, which otherwise, do not fall within the purview and scope of the provisions of section 271(1)(c) of the Act. In view of this, since the income has already been declared in the revised return, which was valid and filed within the limitation period prescribed for filing the same, hence, in view of our discussion made above, the penalty in respect of the aforesaid income declared is not leviable and the same is accordingly ordered to be deleted. Difference of an amount between the income shown in the revised return and the amount actually received in the bank account of the assessee asssessee could not address convincing arguments in this respect. The said difference between the amount offered for taxation and the amount actually received by the assessee was found by the A.O. during the assessment proceedings. Hence, there was concealment of income in respect of the aforesaid amount. Hence the penalty in respect of the income detected during scrutiny assessment proceedings is confirmed @ 100% of the tax amount sought to be evaded on the said income. In view of our findings given above, the appeal of the assessee is treated as partly allowed.
|