Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2019 (10) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2019 (10) TMI 1225 - AT - Income TaxPenalty u/s. 271(1)(c) - claim of deduction 80HHC - HELD THAT:- Assessee has disclosed all the particular pertaining to his claim of deduction 80HHC which was not claimed in the original return of income, however, assessee had filed Form No. 10CCA. Considering this fact we observe that claiming deduction u/s 80HHC cannot be treated as concealment of income as the assessee has filed all the particular pertaining to his claim. Therefore, on this account levying of penalty is not correct. Addition pertaining to estimation of income from other sources out of agriculture income - There is a no case of furnishing inaccurate particulars of income. The AO has also not established with any relevant supporting evidences that there was case of furnishing any inaccurate particular income in respect of estimation of income from other sources out of agriculture income. Therefore, we consider that it is not justified to levy penalty. Addition in respect of interest income - AO has not established that there was case of furnishing inaccurate particular of income so we consider that no penalty is required to be levied on the addition made on account of interest expenses. However, we observe that assessee has concealed the particular of income for not disclosing the salary income which was not shown in the original return of income, therefore, we consider that assessee has concealed the particular of income in respect of salary income. Accordingly, AO is directed to restrict the penalty u/s. 271(1)(c) to the amount of addition made on account of salary income. Therefore, appeal of the assessee is partly allowed.
|