Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2018 (6) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2018 (6) TMI 355 - AT - Income TaxPenalty u/s. 271(1)(c) - difference in the return of income filed before the search and the one filed on or after the search - deemed concealment - Additional income was offered voluntarily by the assessee, consequent to the notice issued u/s. 153A - Held that:- As the additional income offered by the assessee is not relating to the various items referred in Explanation 5A, there cannot be a levy of penalty u/s. 271(1)(c) of the Act. The CIT(A) confirmed the levy of penalty by placing reliance on Explanation 5A of section 271(1)(c) of the Act. Without resulting in unearthing of any unaccounted income or without making any addition in the assessment order u/s. 153A of the Act, the Assessing Officer accepted the return of income by itself. In our opinion, there cannot be levy of penalty u/s. 271(1)(c) of the Act by invoking the provisions of Explanation 5A - See SARAT CHANDRA SAHOO VERSUS DEPUTY COMMISSIONER OF INCOME-TAX, CIRCLE-2 (2) , BHUBANESWAR [2014 (10) TMI 905 - ITAT CUTTACK] - Decided in favour of assessee.
|