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2019 (7) TMI 224 - AT - Income TaxPenalty u/s 271 (1) (c) - survey action u/s 133A - assessee agreed to offer revenue @ 5% on the incremental construction work in progress on year on year basis subject to non levy penalty on such voluntary declaration - additional ground regarding invalid notice - assessee has not raised any bill as construction was not completed up to 30% - non following of revised accounting standard (AS-7) - HELD THAT:- The contents of the addendum to the contract supports the contention of the assessee that the assessee was entitled to raise the initial bill only after completion of 30% of the work awarded. In the present case since the assessee has explained the circumstances under which the addition in question has been made and further established that the explanation is bonafide and it has disclosed all the facts material to the computation of its total income, the Ld. CIT(A) has wrongly confirmed the addition made by the AO. In our considered opinion, this is not a case of concealment of particulars of income by the assessee. We do not find any active concealment of particulars of income by the assessee in the present case which is a precondition for imposing penalty under the said section.
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