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2017 (5) TMI 1418 - ITAT HYDERABADPenalty u/s 271(1)(c) - whether assessee has concealed his income or furnished inaccurate particulars of his income and called for explanation from the assessee - Held that:- In the present case, the assessee has disclosed all the particulars before completion of the assessment u/s 143(3), though the details were filed in the scrutiny proceeding. Further, scrutiny assessment proceedings have taken for AY 2011-12, but, the assessee has disclosed all the details in respect of 2008-09, 2009-10 and 2010- 11 also. Therefore, the attempt made by the assessee to disclose the particulars of income shows the bonafides of assessee. In the present case, the assessee has discharged the burden by giving detailed explanation before the AO. The AO simply rejected the explanation without discharging the burden cast upon him, as the assessee has disclosed the particulars of income in the scrutiny assessment.We find that neither the AO nor the CIT(A) has dealt with the issue in correct perspective. Thus we are of the view that the case of the assessee is not a fit case to attract the provisions of section 271(1)(c) - Decided in favour of assessee.
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