9911796707
TMI Blog2019 (2) TMI 1189X X X X Extracts X X X X X X X X Extracts X X X X ..... 71(1)(c) of the Income Tax Act, 1961. On facts & circumstances of the case & law on subject the CIT(A) erred in upholding the penalty of Rs. 1383007/-. On facts & circumstances of the case & law on subject the penalty levied be deleted. 3. Brief facts of the case are that the assessee filed his return of income for the relevant AY on 28/03/2014 declaring a total income of Rs. 19,59,090/-. The return was selected for scrutiny under CASS and the AO issued statutory notices u/s 143(2) and 142(1) calling for details. The ld. Counsel of the assessee attended the scrutiny proceedings and filed the requisite details. The AO completed the assessment determining the total income of the assessee at Rs. 81,19,310/- after making additions on the follo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eding, the AR of the appellant filed revised computation of income and offered income from Mutual Fund Investment of Rs. 100,000/- and income from investment in shares of Rs. 292,000/- under the head "Income from other source' which were not earlier disclosed in the return of income. The AO has added these incomes to the total income of the assessee. 7. The AO has initiated penalty proceedings u/s 271(l)(c) of the Act on the above additions for concealment of income and furnishing inaccurate particulars of income. The AR, vide letter dated 24/06/2015, had stated that the appellant had voluntarily revised the computation of income before the assessing authority could detect the error in the return of income filed and so the incomes shou ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... concealed. 6. Therefore after considering the facts of the case, submissions made by the appellant and the judicial decisions cited above, I find that the penalty levied is in order and the same is upheld. Accordingly the grounds raised by the appellant are rejected. 9. Against the above order, the assessee is in appeal before us. 10. We have heard both the counsel and perused the records. We find that in this case the assessee has filed a revised return during the course of assessment. Pursuant to which additions have been made. Explanation of the assessee is that the assessee has noted certain mistakes in the computation of income in the return filed and since the return was belated one, it could not file the revised return. During t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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