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2018 (5) TMI 1725 - ITAT RANCHIPenalty u/s 271(1)(c) - undisclosed source of income - survey proceedings - Held that:- Assessee has deposited the tax raised by the AO during the survey conducted u/s 133A - thus in order to expose the assessee to the penalty unless the case is strictly covered by the provision, the penalty provisions cannot be invoked - the decision is followed of Manjunatha Cotton & Ginning Factory [2013 (7) TMI 620 - KARNATAKA HIGH COURT] - thus where the assessee has paid the tax and the interest thereon in the absence of any material on record to show the concealment of income, it cannot be inferred that the said addition is on account of concealment - Decided in favor of assessee.
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