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2022 (3) TMI 569 - HC - Income TaxPenalty u/s 271(1)(c) - additional income surrendered by the assessee - true nature of disclosure made by the assessee - revised return consequent to scrutiny assessment - HELD THAT:- The questions of law as proposed by the revenue referred to above are no longer res-integra in view of the order passed by a Co-ordinate Bench of this Court in the case of Principal Commissioner of Income Tax-3 Vs. R. Umedbhai Jewellers Pvt. Ltd [2016 (9) TMI 9 - GUJARAT HIGH COURT] wherein concerned with the similar situation where the assessee revised his return pursuant to the search operation during which he had admitted to have concealed the income. The Court held that such revised return could not be treated as voluntary return and penalty under Section 271(1)(a) of the Act would be leviable. - Decided in favour of assessee.
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