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2019 (12) TMI 746 - AT - Income TaxPenalty u/s 271 (1)(c) - Surrender of income in the revised return - difference of amount received from share profits and the amount declared in the revised return - HELD THAT:- DR has not pointed out any distinguishing fact in the present case, hence, following the decision of the Tribunal in the case of ‘Gajjan Singh Thind vs ACIT’ [2019 (9) TMI 934 - ITAT CHANDIGARH] for sake of consistency, the penalty levied by the Assessing Officer declared in the revised return is ordered to be deleted, whereas, the penalty @ 100% of the tax amount sought to be evaded in respect of the difference of amount received from share profits and the amount declared in the revised return i.e. on the income of ₹ 40,015/- is hereby confirmed. In the result, the appeal of the assessee is treated as partly allowed.
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