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2018 (1) TMI 1071 - AT - Income TaxPenalty u/s 271(1)(c) - income in question has been surrendered and accepted by the AO - eligibility to protection u/s 273B - Held that:- As assessee though surrendered the amount when confronted with the entries entered in the diaries found and seized in the search operation but when his revised return was accepted and the explanation of the assessee that this occurred due to inadvertent lapse on his part and being the youngest member in the group having been assigned all the jobs to accomplish, have little time for him to pay attention to his personal accounts and have a check on the accountant’s work, has been accepted when the surrendered income along with interest has been accepted in the revised return of income. So, the explanation could be treated as bonafide and reasonable. So, we are of the considered view that in these circumstances, the penalty is not leviable. - Decided in favour of assessee.
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