9911796707
|
Home
Issues involved: Appeal against penalty imposed u/s 271(1)(c) of the Income Tax Act for concealment of income chargeable to tax.
Summary: The appeal was filed by the assessee against a penalty imposed under section 271(1)(c) of the Income Tax Act for concealing income chargeable to tax. The assessee initially filed a return showing an income of Rs. 3,14,840, but later filed a revised return showing an income of Rs. 12,59,075 due to certain deductions claimed. The Assessing Officer (AO) levied a penalty for concealment, which was confirmed by the CIT(A). The Tribunal considered the case and found that the deduction claimed by the assessee was due to a bona fide misconception and not a deliberate attempt to evade tax. The Tribunal noted that there was no evidence of wilful concealment by the assessee and that the claim was made under a genuine belief. The Tribunal also referred to a High Court case where it was held that a wrong claim made by the assessee due to a bona fide mistake does not amount to concealment of taxable income. Based on the facts and evidence, the Tribunal concluded that the penalty imposed on the assessee was not justified and canceled it. The appeal of the assessee was allowed, and the penalty was deleted. In conclusion, the Tribunal ruled in favor of the assessee, canceling the penalty imposed under section 271(1)(c) of the Income Tax Act.
|
