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TMI Blog2024 (10) TMI 249X X X X Extracts X X X X X X X X Extracts X X X X ..... and (ii) self declared Affidavit-the Two essentialities to allow that deduction. 2 That AO made addition in declared income against the provision of Law and pressurized the Assessee to revise retum giving notices u/s 147/148 having made pressure 3. That the learned Assessing officer get deposited the standing unlawful demand of Rs. 42900/-having made pressure and before passing the order u/s 271(1)(c) 4 The AO imposed penalty u/s 271 (1)(c) without any ESTABLISHING Submission of A. Inaccurate facts/Statements B. without Establishing CONCEALMENT OF INCOME as all mentioned by him was fetched by Submission of the Assessee and without doing any Act to take correct decision to impose penalty u/s 271(1)(c) 5. The AO not considered the Su ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssessee are interrelated and interconnected, and relates to challenging the order of imposition of penalty. Therefore, I have decided to dispose off these grounds through the present consolidated order. 2.5 The ld. AR appearing on behalf of the assessee, reiterated the same arguments as were raised by him before the lower authorities and submitted that the imposition of penalty under the given circumstances is unwarranted 2.6 On the contrary, the ld. DR appearing on behalf of the department relied upon the orders passed by the revenue authorities, and further submitted that since the assessee had wrongly claimed deduction under section 80DD of the Act and thus concealed the income therefore, penalty in the present case was rightly imposed ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ng an incorrect claim which is not substantiated does not attract penalty under section 271(1)(c) of the income tax Act. I further noticed that assessee earned interest income of Rs. 36,701/- during the year under consideration but the same was not offered for taxation. However, I noticed that during the assessment proceedings, the additional income was brought for taxation. Be that as it may, after considering the entire fact, circumstances of the present case, I noticed that both the lower authorities have proceeded as the levy of penalty under section 271(1)(c) is automatic without considering section 273 of the Income Tax Act, therefore, now being satisfied by the explanation offered by the assessee and after considering the position of ..... X X X X Extracts X X X X X X X X Extracts X X X X
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