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2015 (5) TMI 537 - ITAT BANGALOREPenalty under Section 271(1)(c) - admission of income during survey - Held that:- As relying on case of Vasavi Shelters [2013 (4) TMI 485 - ITAT BANGALORE]wherein it was held that there can be no justification for the levy of penalty under Section 271(1)(c) of the Act in respect of income offered in the return of income for the concerned assessment year which is in a similar factual matrix as the case on hand, we hold that there can be no justification for the imposition of penalty under Section 271(1)(c) on income admitted and offered for taxation as part of the income in the return of income for Assessment Year 2007-08 filed on 26.10.2007. Consequent to this finding of ours, we cancel the penalty levied under Section 271(1)(c) - Decided in favour of assessee.
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