Levy of penalty u/s 271(1)(c) - Failure to offer full amount of ...

Penalty for Concealment u/s 271(1)(c) Overturned Due to Taxpayer's Honest Admission of Reporting Error.

June 13, 2023

Case Laws Income Tax AT

Levy of penalty u/s 271(1)(c) - Failure to offer full amount of Interest earned on income-tax refund as taxable income - The assessee did not contest this addition, acknowledging their mistake - The assessee explained that the interest component not returned in the impugned year was returned in the succeeding year. Therefore, the penalty for concealment or furnishing inaccurate particulars of income is untenable, and it is directed to be deleted. - AT

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Levy of penalty u/s 271(1)(c) - Failure to offer full amount of ...

Penalty for Concealment u/s 271(1)(c) Overturned Due to Taxpayer's Honest Admission of Reporting Error.

June 13, 2023

Case Laws Income Tax AT

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