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2018 (5) TMI 1539 - ITAT MUMBAIPenalty levied u/s 271(1)(c) - addition on account of Income added during the course of survey as regards difference in Stock valuation - Held that:- Unless it is found that there is actually a concealment or non-disclosure of the particulars of income penalty cannot be imposed. There is no such concealment or non-disclosure as the assessee had made a complete disclosure in the income-tax return and offered the surrendered amount for the purposes of tax. In absence of any satisfaction recorded by AO while passing the assessment order that there was non-disclosure of income offered during the survey proceeding, no penalty for concealed income is leviable. The income was included in the return of income by increasing the closing stock, which resulted, increased of GP to 14%. Decision in case of MAK Data (2013 (11) TMI 14 - SUPREME COURT) relied by ld CIT(A) is not applicable on the facts of the present case - Decided in favour of assessee.
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