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2018 (9) TMI 614 - ITAT LUCKNOWPenalty u/s 271(1)(c) - assessee surrendered the income in revised return - proof of concealment or non-disclosure - Held that:- Concealment of particulars of income or furnishing of inaccurate particular of income by the assessee has to be in the income tax return filed by it. The assessee can furnish the particulars of income in his return and everything would depend upon the income tax return filed by the assessee. This view gets supported by Explanation 4 as well as 5 and 5A of Section 271 of the Act. In the instant case the appellant has included the surrendered amount of ₹ 77,42,720/- in the revised return of income filed by it. There is no such concealment or nondisclosure as the assessee had made a complete disclosure in the income tax return and offered the surrendered amount for the purposes of tax. - Decided in favour of assessee
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