Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2015 (4) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2015 (4) TMI 706 - DELHI HIGH COURTPenalty for concealment of income / Furnishing any inaccurate particulars - Bonafide and inadvertent error - Assessee accepted the correct position and paid tax with interest - Held that:- In Price Waterhouse Coopers Pvt. Ltd. [2012 (9) TMI 775 - SUPREME COURT], the Supreme Court deleted the penalty and has accepted that human errors do happen in spite of calibre, expertise and due care. Mistakes, when explained and shown to be bona fide, do not justify levy of penalty. On the question relating to addition of ₹ 5,56,254/-, the tribunal has observed that the assessee had received the said amount as dividend from a mutual fund. As per Section 94(7) of the Income Tax Act, 1961, the assessee was required to reduce the dividend amount from the cost price of the units of mutual fund. This again, the tribunal has held, that was a bona fide mistake which was corrected/rectified by filing a revised computation of income. Full details and particulars had been submitted by the assessee to the Assessing Officer. We do not see any reason to interfere. - Decided against the revenue.
|