9911796707
TMI Blog2022 (12) TMI 630X X X X Extracts X X X X X X X X Extracts X X X X ..... vable in view of the certificate issued by the concerned bank on 28th April, 2018. Therefore,there was reasonable cause in terms with section 274 of the Act in not offering the interest income to tax in the return of income. Departmental authorities have failed to consider the explanation of the assessee in proper perspective. In any case of the matter, the assessee has offered the entire interest income to tax whether in the return of income or in course of assessment proceeding. That being the factual position emerging on record, the assessee should not be visited with penalty under section 271(1)(c) of the Act. Accordingly, we delete the penalty imposed. Assessee appeal is allowed. - ITA No.5916/Del/2019 - - - Dated:- 27-10-2022 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... mpared to the actual interest income earned during the year. When this fact was pointed out to the assessee, she offered the amount of Rs.1,31,250/- as income. Thus, the Assessing Officer completed the assessment determining the total income at Rs.17,57,890/- Since, the assessee had not offered a part of the interest income in the return of income, the Assessing Officer initiated proceeding for imposition of penalty under section 271(1)(c) of the Act alleging furnishing of inaccurate particulars of income. Against the assessment order so passed, the assessee preferred an appeal before learned Commissioner (Appeals). While deciding the appeal, learned Commissioner (Appeals) granted partial relief to the assessee by reducing the addition made ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... urn of income. 4. It appears on record, while explaining the reason for not offering the interest income to tax in the return of income, the assessee had explained before the departmental authorities that the TDS figure and the corresponding income relating to second, third and fourth quarter of the relevant financial year were made available on the 26AS site only in September, 2017 by ICICI Bank. The aforesaid explanation of the assessee appears to be believable in view of the certificate issued by the concerned bank on 28th April, 2018, a copy of which is placed at page 37 of the paper-book. Therefore, in my view, there was reasonable cause in terms with section 274 of the Act in not offering the interest income to tax in the return of ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
