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2023 (11) TMI 288 - GUJARAT HIGH COURTPenalty levied u/s 270A - misreporting of income un/s 270A(8) and 270A(9) - assessee had sold the land along with his brother for the sale consideration over and above amount as per registered sale documents - AO concluded that this unaccounted cash receipts were shared by the assessee and his brother had worked out the LTCG - Tribunal deleted penalty levy - HELD THAT:- As per ITAT income assessed was not greater than the income determined in return processed u/s. 143(1)(a) - As per provisions of section 270A(3)(i)(a) of the Act as there was no difference between the amount of income assessed and amount of income determined u/s. 143(1)(a) of the Act, there was no case of under reporting of income as per provisions of section 270A(2) and (3) of the Act. With regard to misreporting of income as per provisions of section 270A(9), the Tribunal observed that the case of the assessee does not fall in any of the clauses specified at (a to f). Neither any misrepresentation of suppression of facts has occurred nor there was any false entries in the books of accounts as mentioned in various clauses of 270A(9). During the year under consideration search was carried out at the premises of the third party where from on the basis of seized documents the assessee's on-money transactions were found. These transactions were duly offered for taxation by the assessee and his brother in their return of income filed u/s. 139 - Since the return of income was not due as on the date of search carried out on 10.08.2016 and the accounting year was not ended also therefore the books of accounts were not up-dated. Therefore, the assessee's case does not fall under the category of misreporting of income. Tribunal therefore held that the provisions of Section 270A(9) are inapplicable as it is neither the case of misreporting of income nor the case of under reporting of income. No substantial question of law.
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