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2015 (9) TMI 1101 - ITAT CHENNAIPenalty under Sec.271(1)(c) read with section Sec. 250 - Held that:- From the facts of the case, it is apparent that the assessee has not concealed its income or furnished inaccurate particulars in the return of income filed before the Revenue. The excess stock found at the time of search was taken into account for arriving at the income of the assessee during the relevant assessment year as observed by Ld. Assessing Officer in his assessment order. The Ld. CIT (A) also observed in his order that the appellant’s case do not fall under Explanation (3) to Section-271(1)(c) of the Income Tax Act because concealment of income starts only after the return of income was filed or subsequent to filing of belated return of income when the Department detects certain income as escaped. - Decided against revenue.
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