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2018 (2) TMI 1203 - AT - Income TaxPenalty u/s 271(1)(c) - undisclosed investment - return of income furnished after the date of search - Held that:- The undisclosed income was detected/discovered in the form of investment in he property and therefore the assessee was found to be owner of assets value of which was not disclosed and consequently it falls in clause (i) to explanation 5A to section 271 (1)(c). There is no dispute that assessee admitted the acquisition of property by utilizing his income from the previous year ended before the date of search and accordingly the assessee surrendered the said amount for the assessment year under consideration. Since assessee did not file return of income before the date of search notwithstanding the said income declared in the return of income furnished after the date of search, for purpose of levy penalty u/s 271(1)(c) the assessee shall be deemed to have concealed the particulars of income to the extent of such amount which was surrendered and offered to tax in the return of income filed post search. Therefore when all the conditions as stipulated under explanation 5A are fulfilled in the case of the assessee then the penalty levied u/s 271(1)(c) was proper and sustainable. - Decided against assessee.
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