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2021 (9) TMI 964 - AT - Income TaxPenalty levied u/s 271(1)(c) - non disclosure of the interest income - bonafied belief - Addition made on account of interest income earned on FDRs made out of funds received by the assessee for two projects - HELD THAT:- We find, are identical, with that of A.Y 2007-08 to 2011-12[2015 (1) TMI 1464 - ITAT CHANDIGARH] penalty having been levied on identical income of interest earned on FDR’s made from the same specific purpose funds, i.e RGCTP and JNNRUM, And relates to A.Y 2012-13, which is prior to the settlement of the dispute on 14-03-2013. The decision rendered by the ITAT in the preceding years therefore, deleting the penalty levied by holding that the agreement to levy no penalty would apply, that the non disclosure of the interest income was under a bonafide belief that it was non taxable, would squarely apply in the present case also. The argument of the Ld.DR that the settlement of the dispute was year specific merits no consideration as we find that the ITAT had categorically held in its order passed for A.Y 2010-11 & 2011-12 that the settlement was issue specific and not year specific and applied to all interest incomes not returned upto the date of settlement. We see no reason to interfere in the order of the Ld.CIT(A) and the appeal filed by the Revenue is, therefore, dismissed.
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