9911796707
TMI Blog2013 (12) TMI 141X X X X Extracts X X X X X X X X Extracts X X X X ..... 8 of the Act had surrendered the amount of such long term capital gain and paid tax amounting to Rs. 3 lakhs voluntarily – Decided against Revenue. X X X X Extracts X X X X X X X X Extracts X X X X ..... brokers and relevant documents and the amount is being received through account payee draft/cheque, I am ready to pay tax on the net sale consideration (Sale-cost) as normal income instead of taking benefits of long term capital gain just to purchase peace of mind and undue pressure from the income tax department. The above declaration is subject to non issuance of any penalty notice of concealment and non levy of any penalty u/s 271(1)(c) and non initiation of prosecution proceedings." The assessee paid tax of Rs. 3 lakhs on 8.9.2004 against due tax of Rs. 2,96,852/-. In order to regularize payment of tax, the Assessing Officer issued a notice u/s 148 of the Act on 24.3.2005 calling upon the assessee to file a return of income. Pursuant ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y the revenue officers. Surrender being voluntary and having also offered the same in the return filed in response to notice under section 148, the action of assessee is bona-fide so as to absolve him from levy of penalty. Hon'ble Supreme Court in the case of CIT vs. Suresh Chand Mittal (supra) is extracted herein: "The assessee had originally filed returns showing meager income. When after action under section 142 of the Income Tax Act, 1961, a notice under section 148 was served on him, he filed revised returns showing higher income. Eventually, assessment orders were passed ad the returns submitted regularized under section 148. In penalty proceedings under section 271, the assessee claimed that he had offered additional income to buy p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed pursuant to the notice u/s 148 of the Act, penalty u/s 271(1)(c) of the Act has rightly been levied as the assessee had concealed the particulars of his income in the original return. We may mention here that even though in the original return, claim of long term capital gain was made, yet the assessee much prior to the notice issued u/s 148 of the Act had surrendered the amount of such long term capital gain and paid tax amounting to Rs. 3 lakhs voluntarily. That being the position, we are of the considered opinion that the conduct of the assessee was bonafide and therefore, there was no concealment of the particulars of income which may cause levy of penalty u/s 271(1)(c) of the Act. The order of the Tribunal does not suffer from any ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
