Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2024 (3) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2024 (3) TMI 1121 - AT - Income TaxPenalty u/s 271(1)(c) - bogus claim u/s 80C deduction(s) is an instance of “furnishing inaccurate particulars of income” - HELD THAT:- It as a fit case for confirming the impugned penalty after having found the assessee having concealed his taxable income. A deviation regarding applicability of the statutory twin “limbs” of “concealment of taxable income vis-à-vis furnishing of inaccurate particulars thereof ” is not sustainable in law in light of hon’ble jurisdictional high court’s decision in Mohd. Farhan A. Shaikh [2021 (3) TMI 608 - BOMBAY HIGH COURT (LB)] - The impugned penalty is deleted in very terms. Penalty u/s 270A(8) - non specification of corresponding limb(s) of “under-reporting of income in consequence of any mis-reporting”- HELD THAT:- Revenue could not dispute the clinching fact that although the learned lower authorities have levied 200% penalty(ies) in assessee’s case going by sec. 270A(8) on one hand; whereas they nowhere specify the corresponding limb(s) of “under-reporting of income in consequence of any mis-reporting” thereof; as prescribed sub-sec.( 9) containing (a) to (f) clauses. Faced with this situation, we adopt stricter interpretation as Dilip Kumar And Co. & Ors. [2018 (7) TMI 1826 - SUPREME COURT] and conclude that these twin penalties also deserve to be deleted.
|