Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2017 (1) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2017 (1) TMI 633 - ITAT MUMBAIPenalty under section 271(a)(c) - addition under the head under-reported interest income - non filing ROI on due date - Held that:- We find that the assessee had not filed his return of income on due date, that he himself was filing the return, that while preparing the return he had included the income under the head house property and income from other sources. House property income was computed in negative.Clearly,the assessee was aware of the procedure of filing the return and method of computing the income. It is to be remembered that assessee had earned interest income of ₹ 1.92 lakhs during the year under consideration. It is not a small amount that could be ignored by a person while filing the return. It is not the case that return was filed in the first month of the subsequent financial year and that assessee had not received the statement of interest income from the bank. Return of income is not a simple piece of paper. The assessees are supposed to not only disclose their income but also has to verify that entries made in it are correct The explanation filed by the assessee about not disclosing interest income in the return of income was not bona fide.So,confirming the order of the FAA,we decide the effective ground of appeal against the assessee.
|