Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2016 (10) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2016 (10) TMI 590 - ITAT MUMBAIPenalty u/s 271(1)( c ) - income declared by the assessee in the return of income u/s 153A - Held that:- The Hon’ble Gujarat High Court in the cast of Kirit Dahyabhai Patel V/s ACIT [2015 (1) TMI 201 - GUJARAT HIGH COURT] held that for all practical purposes return filed in response to notice u/s 153A of the Act has to be as return furnished u/s 139(1) of the Act and therefore, if, any undisclosed income as admitted by the assessee in the statement recorded under section 132(4) of the Act during the course of search operation is offered in the said return and due taxes were paid which were duly accepted by the AO then no penalty could be imposed u/s 271(1)(c ) of the Act. In view of the above we are in agreement with the arguments advanced by the ld.AR that the penalty as imposed by the AO and upheld by the ld. CIT(A) was wrong and against the provisions of law - Decided in favour of assessee
|