Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2019 (5) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2019 (5) TMI 107 - AT - Income TaxPenalty u/s 271(1)(c) - computation of penalty payable - such taxes which sought to be evaded - unexplained cash credit - HELD THAT:- The assessee has offered short term capital gain on the amount of ₹ 10,19,405/-. AO treated it as unexplained cash credit. But this amount has suffered taxes, in the return of income itself by admission of the assessee. Thus, we direct the AO to calculate the penalty under sub-clause (iii) of section 271(1)(c) if any tax was sought to be evaded by the assessee by taking this addition under two different heads. The difference of tax components, if this amount of ₹ 10,19,405/- is being assessed under the head unexplained cash credit vis-à-vis short term capital gin, comes out, then penalty equivalent to that tax component would be charged from the assessee. In any away, it will not be ₹ 3,15,000/-. This exercise be carried out after hearing the assessee - Appeal of the assessee is partly allowed.
|