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TMI Blog2019 (4) TMI 1600X X X X Extracts X X X X X X X X Extracts X X X X ..... ntention of assessee that the additional income was offered by the assessee voluntarily to rectify the bonafide mistake committed inadvertently. We are of the view that the assessee cannot be said to have concealed particulars of his income or furnished inaccurate particulars of such income so as to attract the penal provision of section 271(1)(c) of the Act. In that view of the matter, we cancel the penalty imposed by the AO u/s 271(1)(c) and confirmed by the Ld. CIT(A) and allow this appeal of the assessee. - I.T.A. No. 826/Kol/2018 - - - Dated:- 24-4-2019 - Shri P.M. Jagtap, Vice President And Shri S. S. Godara, JM For the Assessee : Shri S. Banerjee, Advocate For the Revenue : Smt. Ranu Bis ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... #8377; 3,51,483/- was not declared as its income of assessee s firm voluntarily and it was only as a result of the notice issued u/s 143(2) that the same was offered to tax. He accordingly treated the said amount of ₹ 3,51,483/- as the concealed income of the assessee and imposed penalty u/s 271(1)(c) of the Act. 3. The penalty imposed by the AO u/s 271(1)(c) was challenged by the assessee in the appeal filed before the Ld. CIT(A) and the submission made before the AO was reiterated on behalf of the assessee in support of its case that the amount of ₹ 3,51,483/- having been offered to tax voluntarily, the AO was not justified to impose penalty u/s 271(1)(c). The Ld. CIT(A) did not find merit in the submissions mad ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... l for the assessee and since this fact of understatement of income had come to the light as a result of selection of the case of the assessee for scrutiny, it was a clear case of concealing of inaccurate particulars of income by the assessee attracting penalty u/s 271(1)(c) of the Act. 6. We have considered the rival submissions and also perused the relevant material available on record. It is observed that two sets of profit and loss account were prepared by the assessee, one for the period from 01.04.2010 to 30.05.2010 and the other for the period from 01.06.2010 to 31.03.2011. In the return of income filed for the year under consideration, total income of ₹ 4,44,680/- was declared by the assessee as reflected in the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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