Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2020 (4) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2020 (4) TMI 87 - AT - Income TaxPenalty u/s 271 (1)(c) - addition made on account of disclosure of additional income while filing return as part of search proceedings - HELD THAT:- As no search and survey has taken place at the premises of the assessee and assessee has voluntarily disclosed the income of the department. Thus, in such case, penalty cannot be imposed. In a recent decision of Supreme Court in the case of Rajkumar Gulab Badgujar [2019 (9) TMI 360 - SC ORDER]wherein it is held that wherein the returned income has been accepted u/s 153C and therefore, it is held that in such case, penalty cannot be imposed. Also in PARAG V. CHUGH VERSUS THE DCIT, CI RCLE – 1, BARODA. [2019 (10) TMI 1240 - ITAT AHMEDABAD]there was no documentary evidence found by the search team suggesting that there was any undisclosed income of the assessee. As such the income disclosed by the assessee was voluntarily without having found any document in the course of search. We also note that there no reference made by the authorities below to the documents of incriminating nature having bearing on the income of the assessee in their respective orders. The ld. DR has not advanced any arguments against the contentions raised by the ld. AR for the assessee, thus we are not convinced with the penalty levied by the authorities below. - Decided in favour of assessee.
|