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TMI Blog2022 (8) TMI 1521X X X X Extracts X X X X X X X X Extracts X X X X ..... ome in his return of income. Therefore, there is true element of bonafideness in the conduct of the assessee. It cannot be spelt out in such circumstances that he has either concealed his income or has furnished inaccurate particulars of his income. What is to be seen in the instant case is whether declaration made by the assessee was bonafide and whether all the material facts relevant thereto have been furnished and we find that the assessee succeeds on this count since the declared income has been shown in the return of income and therefore the assessee cannot be held liable for penalty u/s 271(1)(c) - The revenue authorities have not been able to establish that the conduct of the assessee while declaring income and filing such declared ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lty on such declared income. The ld. D.R fairly submitted that this is not a case for imposing penalty u/s 271(1)(c) of the Act. 3. We are of the considered view after hearing the submissions of the ld. D.R and perusing the material on record that once the income has been declared and filed in the return of income, the A.O is not justified further to impose penalty on such declared income since there is no loss occurred to the Revenue. The penalty u/s 271(1)(c) of the Act is leviable if the A.O is satisfied in the course of any proceedings under this Act that any person has concealed the particulars of his income or furnished inaccurate particulars of such income. It is a certain position that assessment proceedings and penalty proceedings ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... mposed if it is required in the facts and circumstances of the case suggesting and confirming any concealment or furnishing of inaccurate particulars of income by the assessee. In the present case before us, the assessee has declared his income and has filed such declared income in his return of income. Therefore, there is true element of bonafideness in the conduct of the assessee. It cannot be spelt out in such circumstances that he has either concealed his income or has furnished inaccurate particulars of his income. What is to be seen in the instant case is whether declaration made by the assessee was bonafide and whether all the material facts relevant thereto have been furnished and we find that the assessee succeeds on this count sin ..... X X X X Extracts X X X X X X X X Extracts X X X X
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