Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2013 (11) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2013 (11) TMI 475 - ITAT MUMBAIPenalty u/s 271(1)(c) of the Income Tax Act – Concealment penalty levied though the assessee had disclosed the income in the return filed in response to notice under section 153A – Applicability of Explanation-5 of section 271(1)(c) of Income Tax Act – Held that:- penalty has been levied by the revenue on the ground that assessee having not disclosed the impugned income in return of income filed under section 139(1) of the Act is guilty of concealing income as such action of the assessee declaring the impugned income in the return filed in response to notice under section 153A is but for the detection of such income during the course of search. Therefore, the assessee has concealed the particulars of his income or he has furnished inaccurate particulars of his income. In other words, the default of concealment of income by the assessee is viz-a-viz returned originally filed by him under section 139 of the Act and declaration of the income in return filed under section 153A is irrelevant for the purpose of levy of concealment of penalty. The provisions of Explanation-5 to section 271(1)(c) contemplates a situation where in the cases of search concealment penalty can be levied with reference to a return furnished before the date of search. In the present case, relying upon the discussion made in the case of Prem Arora Vs. DCIT [2012 (6) TMI 480 - ITAT DELHI], penalty levied u/s 271(1)(c) of the Income Tax Act is deleted as the entire income has been properly disclosed in the return filed by the assesse in response to notice u/s 153A - Decided in favor of Assessee.
|