9911796707
TMI Blog2019 (11) TMI 1637X X X X Extracts X X X X X X X X Extracts X X X X ..... 00,0053/- an interest of Rs. 1,43,578/-. 3. The facts in brief are that assessee is an individual engaged in legal profession and practicing as a corporate lawyer and is a Senior Member of AZB Partner & LLP Firm Delhi. She had filed her return of income on 15.11.2014 declaring income of Rs. 1,13,94,100/-. During the course of assessment proceedings, the AO noted that there was mismatch of professional receipts as reflected in Form 26AS and as shown in Income Tax Return. In response to the show cause notice it was submitted that it was a bonafide mistake due to negligence of Chartered Accountant who has carried out the audit and prepared the Income Tax Return and she had no intention not to disclose the entire professional receipts, specifi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ts as advance failed to reconcile the receipts with Form 26AS. Further the fixed deposit interest income has been offered net of TDS instead of gross amount and therefore, this was pure clerical mistake and it cannot be held that it is a case of furnishing of inaccurate particulars or concealment of particulars of income. Reliance was placed on various decisions including the judgment of Hon'ble Supreme Court in the case of Price Water House Coopers (P) Ltd. vs. CIT-SC (2012) 348 ITR 306. 7. On the other hand, Ld. DR strongly relied upon the order of the CIT (A) and further submitted that there was a clear cut concealment of professional receipts during the year as the correct amount was not offered to tax and therefore, it is a fit case f ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rough cheque and duly disclosed in the books and even tax has been paid in subsequent year when rates of taxes are same and there is no loss of revenue. Thus, penalty on such amount cannot be upheld. The same is directed to be deleted. 9. Similarly the addition on account of interest is mainly on the ground that assessee had shown the interest income net of TDS instead of gross amount. This again is a mistake of professional who has filed the income tax return. Such a mistake does not lead to any conclusion at assessee has deliberately concealed the income or not paid any taxes. On this addition also no penalty can be sustained. Accordingly the same is directed to delete. 10. In result, appeal of the assessee is allowed. Order pronounced ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
