9911796707
TMI Blog2024 (7) TMI 1333X X X X Extracts X X X X X X X X Extracts X X X X ..... Officer for initiation of the penalty proceedings u/s. 271(1)(C) of the Act. The instant case is neither a case of concealment of income nor a case of furnishing of inaccurate particulars of income as the income declared by the assessee was accepted by the revenue. The submissions of the assessee, that she was under a bonafide belief that the tax at source was deducted properly and no additional tax was payable by her, being based on her legitimate expectation, deserves to be accepted. The penalty proceedings cannot thus be sustained under the law. The aforesaid point is thus determined in favour of the assessee and against the revenue. - Shri Prashant Maharishi, Accountant Member And Shri Sunil Kumar Singh, Judicial Member For the Asses ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 30.03.2022), passed u/s. 143(3) r/w Section 147 of the Act, accepted the income declared by the assessee and computed the Income Tax, surcharge, education, and interest u/s. 234A, 234B, 234C 234D of the Act. The proceeding u/s. 271(1)(C) of the Act was separately initiated, wherein, minimum penalty @100% of tax at Rs. 1,52,084/ , was levied. Aggrieved by the penalty order dated 27.09.2022, assessee preferred an appeal before learned CIT(A), who dismissed assessee s appeal and confirmed the penalty order vide impugned order dated 08.11.2023. 3. Aggrieved by the impugned order dated 08.11.2023 passed by learned CIT(A), appellant assessee has preferred this appeal on the following grounds: 1. On the facts and circumstances of the case, CIT(A) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the merits of the case is bad in law 6. a) On the facts and circumstances of the case and in law, there is no concealment of Particulars of Income as the full particulars of Income were available before the department in the Form 26AS and AIS. b) The appellant submits that no addition has been made in the Return of Income filed, therefore, no penalty can be levied. c) The AO erred in not considering several judicial pronouncements where in it has been held that bonafide mistakes do not constitute the concealment of Income. 7. 4. In response to the notice issued by the tribunal, learned DR appeared and participated in the hearing. 5. We have perused the material on record and heard learned representatives for both the parties. 6. The main p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... under this Act is satisfied that any person- ITA no. 4840/MUM/2023 Rita Hemchand Gandhi 5 (a) [*] (b) has [*] failed to comply with a notice [under sub-section (2) of section 115WD or under sub-section (2) of section 115WE or] under sub-section (1) of section 142 or sub-section (2) of section 143 [or fails to comply with a direction issued under sub-section (2A) of section 142], or (c) has concealed the particulars of his income or [***] furnished inaccurate particulars of [such incomes, or] [(d) has concealed the particulars of the fringe benefits or furnished inaccurate particulars of such fringe benefits,] he may direct that such person shall pay by way of penalty (i) [*] [(ii) in the cases referred to in clause (b) in addition to tax, i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... urce from interest income @12.5% but the deductor deducted tax at source on interest income @10% resulting in additional tax of Rs. 1,52,084/ . She further submitted that after knowing the shortfall, she immediately paid the balance tax of Rs. 1,52,084/ along with interest of Rs. 2,57,944/ amounting to total of Rs. 41,10,028/ . She has further submitted that she was under a bonafide belief that tax would have been deducted properly and no additional tax would have been payable by her. The aforesaid factual submissions are not disputed by revenue. 10. Perusal of records show that the appellant assessee, being non resident Indian, was not required to furnish return of income u/s. 139(1) of the Act, if TDS on her only income of interest on inv ..... X X X X Extracts X X X X X X X X Extracts X X X X
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