9911796707
TMI Blog2019 (9) TMI 347X X X X Extracts X X X X X X X X Extracts X X X X ..... ate proceedings had arisen before learned CIT(A) from penalty order dated 29.07.2016 passed by learned Assessing Officer (hereinafter called "the AO") u/s 271(1)(c) of the Income-tax Act, 1961 (hereinafter called "the Act") for ay:2013-14. 2. The solitary issue in this appeal is regarding challenge to penalty of Rs. 5,14,145/- levied by the AO u/s 271(1)(c) which was later confirmed by learned CIT(A). The facts are within narrow compass. The assessee filed its return of income on 27.03.2014 declaring income of Rs. 1,26,63,460/- . The assessee has , inter-alia, shown income of Rs. 15,00,000/- from salary from Pace Aftermarket Private Limited (hereinafter called "Pace‟) on which income-tax was deducted at source u/s 192 of the 1961 Act ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the said salary of Rs. 31,63,897/- was reflected in Form No. 26AS. The assessee vide revised computation filed on 18.01.2016 before being asked by the AO during the course of assessment proceedings conducted by the AO declared the said additional salary income and additional TDS deposited by Pace on behalf of the assessee. The AO completed assessment proceedings vide assessment order dated 29.01.2016 passed u/s 143(3) of the 1961 Act., wherein the additions of Rs. 16,63,897/- towards aforesaid additional salary was made by the AO which stood accepted by the assessee as it was voluntarily disclosed by assessee during assessment proceedings conducted by the AO u/s 143(3) read with Section 143(2) albeit the said disclosure was made after issu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... income of Rs. 1,26,63,460/- . The assessee has , inter-alia, shown income of Rs. 15,00,000/- from salary from Pace on which claim of income-tax deducted at source u/s 192 of the 1961 Act of Rs. 3,00,000/- was made in the aforesaid return of income filed by the assessee with the department. The said employer has also issued Form No. 16 dated 20.07.2013 declaring that salary of Rs. 15,00,000/- was paid to the assessee and income-tax was deducted at source on the said salary of Rs. 3,00,000/- within provisions of Section 192 of the 1961 Act. The assessee based on aforesaid Form No. 16 filed its return of income with Revenue. The said company also filed Statement of tax-deducted at source on salaries in Form No. 24Q wherein assessee salaries w ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... our considered view, the explanation offered by assessee is bonafide to take it out of clutches of the penalty proceedings as no attempt is made by assessee to furnish inaccurate particulars of income nor an attempt is made by assessee to conceal his income more-so there is no prejudice to the Revenue as further income-tax of Rs. 5,00,000/- was deducted at source by employer Pace u/s 192 on behalf of assessee on additional salary income of Rs. 16,63,897/- paid to assessee on 24.09.2013 for impugned ay: 2013-14 within provisions of Section 192 of the 1961 Act. The said Pace duly filed revised statement of income-tax deducted at source u/s 192 of the 1961 Act in quarterly returns filed with Revenue in Form No. 24Q wherein all the information ..... X X X X Extracts X X X X X X X X Extracts X X X X
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