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2021 (9) TMI 213 - AT - Income TaxPenalty u/s 271(l)(c) - undisclosed income as accepted during survey operation - CIT-A deleted the penalty levy - HELD THAT:- Survey proceeding dated 25-0302014 was conducted at the assessee premises the financial year was not ended and also there was plenty of time for filing the return of income under the provision of section 139(1). Assessee incorporated the amount of income which was admitted during survey in the computation of income. Further the AO also accepted the returned income while finalizing assessment proceeding under section 143(3) dated 23-12-2016. AO was satisfied for the income disclosed in the computation of income. AO was not justified in invoking the penalty proceeding for concealment of income or furnishing inaccurate particulars of income for the reason that there was no disallowance/ addition to the total income of the assessee during the assessment proceedings. The presumption of the AO that the assessee would not have disclosed the income in return in future is mere a suspicion having no any base. - Decided against revenue.
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