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2015 (6) TMI 921 - AT - Income TaxPenalty u/s 271(1)(c) - addition under the head "Income from House Property" has been made by the Assessing Officer only by "recomputing the income" - Held that:- Due to an arithmetical mistake in the computation statement filed by the assessee along with its return of income, the impugned addition has been made. This is evident' from the Statement of Taxable income, a copy of which was submitted in the paper book. As can be seen from the said statement, it is clear that the assessee has disclosed all the facts relating to the earning of income from property in the return of income filed. Hence no particulars of income from House Property have been suppressed. The addition of ₹ 52,85,744/-has been made on recomputation of income under the head "Income from House Property". As such, levy of penalty u/s 271(1)(c) with regard to the addition of ₹ 52,85,744/- is not warranted. We are of the opinion that assessee has neither concealed any income nor furnished inaccurate particulars of income for the year under consideration. Further, there is no seized material based on which the additions are made in the assessment. Disallowance of loss on sale of fixed assets - Held that:- We find from schedule 10 to P&L for the year under consideration, a copy of which is placed in the paper book that "Loss on sale of fixed Assets" for Rs.l0,74,750/- has been shown in it and hence the assessee has not concealed any particulars with regard to his income. The assessee has not concealed any particulars of income and the addition made by the AO is a technical one. We are of the opinion that levy of penalty u/s 271(1)(c) in respect of this addition is not also not warranted. See Kanbay Software (P) Ltd [2009 (4) TMI 499 - ITAT PUNE-A] wherein held penalty under section 271(1)(c) is a penalty for concealment of income or for furnishing of inaccurate particulars or under the extended definition by virtue of the Explanation 1 to section 271(1)(c), for a deemed concealment of income. As a corollary to this legal position, unless it is established that there is concealment of income or furnishing of inaccurate particulars or it is established that, on the facts of the case, concealment of income can be deemed in accordance with the provisions of law, the penalty provisions cannot be invoked at all - Decided against revenue.
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