TMI Blog2019 (10) TMI 1225X X X X Extracts X X X X X X X X Extracts X X X X ..... me. The AO has also not established with any relevant supporting evidences that there was case of furnishing any inaccurate particular income in respect of estimation of income from other sources out of agriculture income. Therefore, we consider that it is not justified to levy penalty. Addition in respect of interest income - AO has not established that there was case of furnishing inaccurate particular of income so we consider that no penalty is required to be levied on the addition made on account of interest expenses. However, we observe that assessee has concealed the particular of income for not disclosing the salary income which was not shown in the original return of income, therefore, we consider that assessee has concealed th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ₹ 15,830/- (4) Income from other sources : ₹ 86,510/- Less: Deduction u/s. 80L : ₹ 15,000/- Total : ₹ 6,31,438/- 3. Further the assessee has disclosed gross income at ₹ 5,77,035/- and after claiming deduction u/s. 80L for ₹ 15,000/- the total income was declared at ₹ 5,62,040/- instead of aforesaid total income of ₹ 6,31,438/-. Along with the return of income the assessee has attached a copy of Form ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ₹ 59,000/- (2) Income from property : ₹ 6,75,000/- (3) Income from business : Rs. (-) 76,180/- (4) Long Term Capital Gain : ₹ 15,830/- (5) Income from other sources : ₹ 2,85,624/- In this return of income the assessee has also claimed deduction u/s. 80HHC at ₹ 7,52,295/- which was not claimed in the original return ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eak up is given as under: (1) Concealment of salary income : ₹ 27,000/- (2) Disallowance of claim of 80HHC : ₹ 7,52,295/- (3) Reduction of interest income : ₹ 95,301/- (4) Interest addition by ITAT : ₹ 3,813/- (5) Considering Agriculture Income as income from other source : ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... that it is not justified to levy penalty on the amount of ₹ 8,00,000/-. Similarly on the addition in respect of interest income of ₹ 1,95,307/- and ₹ 3,813/- the AO has not established that there was case of furnishing inaccurate particular of income so we consider that no penalty is required to be levied on the addition made on account of interest expenses. However, we observe that assessee has concealed the particular of income for not disclosing the salary income to the amount of ₹ 27,000/- which was not shown in the original return of income, therefore, we consider that assessee has concealed the particular of income in respect of 27,000/- of salary income. Accordingly, AO is directed to restrict the penalty u/s. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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