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2017 (4) TMI 162 - ITAT VISAKHAPATNAMPenalty under section 271(1)(c) - Entitlement to claim a benefit under section 43B(d) - Held that:- The penalty order that the Assessing Officer has not given any finding that the assessee either concealed the income or filed inaccurate particulars. It is only observation of the Assessing Officer that the assessee tried to evade the tax. The Commissioner of Income-tax (Appeals) has also not given any finding that the assessee has either concealed the income or filed inaccurate particulars. Under these facts and circumstances of the case, we are of the opinion that the assessee neither concealed the income nor filed inaccurate particulars. The assessee has to pay interest of ₹ 38,46,611 to the APSFC. He has already paid an amount of ₹ 19,68,980. The balance amount payable is ₹ 18,77,631. According to the assessee, he is entitled to claim a benefit under section 43B(d) of the Act for entire amount, which is payable to APSFC. Therefore, the assessee filed all the details before the Assessing Officer and under bona fide belief, he has claimed excess relief which is not permissible in accordance with law. Thus, penalty provisions should not be attracted to the assessee. - Decided in favour of assessee
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