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Issues involved: Appeal against levy of penalty u/s 271(1)(c) for alleged concealment of income.
Summary: 1. The assessee filed a return declaring income with agriculture income. Assessment treated part of agriculture income as income from other sources. Penalty u/s 271(1)(c) was levied and confirmed by CIT(A) based on Supreme Court decision. 2. Assessee argued that no willful act to conceal income was shown, provided evidence of agriculture income. Tribunal cited similar cases where willful act is essential for penalty u/s 271(1)(c). 3. Tribunal noted CIT(A) decision in a similar case where penalty was canceled due to lack of willful concealment. Tribunal found no concealment or inaccurate particulars, canceled penalty, and allowed the appeal. 4. Tribunal observed that the addition to income was based on estimation, with no evidence of willful concealment. Penalty under section 271(1)(c) cannot be levied solely on estimation differences. Penalty was deleted, and the appeal was allowed.
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