TMI Blog2018 (6) TMI 1179X X X X Extracts X X X X X X X X Extracts X X X X ..... the case of Suresh Chandra Mittal [2001 (6) TMI 63 - SUPREME COURT] wherein the Hon’ble Supreme Court held that voluntary surrender of income cannot be considered as concealment of particulars of income or furnishing of inaccurate particulars of income. - decided in favour of assessee. - I.T.A No.7160 /Mum/2017 - - - Dated:- 20-6-2018 - Shri Joginder Singh (JUDICIAL MEMBER) AND Shri G Manjunatha (ACCOUNTANT MEMBER) For The Appellant : Shri R.N. Vasani For The Respondent : Shri Ram Tiwari ORDER Per G Manjunatha, AM : This appeal filed by the assessee is directed against the order of the CIT(A)-37, Mumbai dated 28-09-2016 and it pertains to AY 2011-12. The assessee has raised the following grounds of appe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... m HDFC Bank Ltd and accordingly, issued notice u/s 274 r.w.s. 271(1)(c) and called upon the assessee to explain as to why penalty shall not be levied. In response to notice, the assessee, vide letter date 27-01-2014 submitted that omission to include accrued interest from Government of India Bonds is an inadvertent mistake while filing the return of income as the assessee has not reconciled its TDS from AIR database. However, as soon as the same has been noticed, the assessee has filed revised statement of total income accepting the said receipt, therefore, the same cannot be considered as furnishing of inaccurate particulars of income so as to levy penalty u/s 271(1)(c). The AO, after considering relevant submissions of the assessee and al ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... including the interest income while filing return of income and the same cannot be considered as deliberate attempt to evade payment of tax. In this regard, the assessee relied upon various judicial precedents including the decision of Hon ble Supreme Court in the case of CIT vs Suresh Chandra Mittal (2001) 251 ITR 9 (SC). 4. The Ld.CIT(A), after considering submissions of the assessee and also relying upon various judicial precedents including the decision of Hon ble Delhi High Court in the case of Zoom Communications Pvt Ltd (supra) held that the assessee had concealed the particulars of income / furnished inaccurate particulars of income in the return of income in respect of accrued interest on Government of India Bonds even though s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f that interest on Government of India Bonds is not received during the year under consideration. When the said omission is noticed immediately, she has filed revised statement of income and accepted the lapse, therefore, penalty cannot be levied u/s 271(1)(c). 6. On the other hand, the Ld.DR strongly supported the order of the CIT(A). 7. We have heard both the parties and perused the material available on record. It is an undisputed fact that the assessee has not included interest received on Government of India Bonds in her return of income filed for the relevant assessment year. It is also an undisputed fact that the assessee has filed revised statement of total income on 30-12-2013 including interest received on Government of Indi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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