Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2013 (9) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2013 (9) TMI 691 - ITAT AHMEDABADPenalty u/s 271(1)(c) of the Income Tax Act - Revised return of income was filed by the assessee on November 24, 2008 in which additional income was declared by the assessee – Assessee in a statement confessed regarding this investment out of additional income as declared by the assessee in the revised return of income filed on November 24, 2008 – Held that:- Notice issued by the Deputy Director of Income-tax (Investigation) under section 131 of the Income-tax Act, 1961 on November 20, 2008, there is no indication regarding any adverse material having brought out on record by the Department regarding any concealment of income by the assessee - Assessee's explanation is this that this investment was made out of past savings but on receipt of this notice under section 131 of the Income-tax Act, 1961, the assessee consulted a chartered accountant who advised the assessee to file revised return of income and include additional income in the same to cover this investment since he was not in a position to substantiate his explanation that the investment was made out of past savings. Reliance has been placed upon the Hon’ble Tribunal decision in the case of Deputy CIT v. Dr. Satish B. Gupta[2010 (8) TMI 641 - ITAT, AHMEDABAD], wherein it has been held that question of considering whether the assessee is liable for action under section 271(1)(c) would arise only when return of income is scrutinised by the Assessing Officer and he finds some more items of income or additional income over and above what is declared in the return. Also, assessee would be liable for action under section 271(1)(c) in respect of such items only which are discovered by the Assessing Officer on the scrutiny of return of income or after carrying out investigation and discovering some more items of income not found declared or mentioned in the return of income – Following the above judgment and various other judgments cited by assessee, penalty is deleted – Decided in favor of Assessee.
|