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| The Tax Publishers2020 TaxPub(DT) 1151 (Guj-HC) : (2020) 424 ITR 0369 INCOME TAX ACT, 1961
Section 271(1)(c)
When assessee discloses amount during action under section 133A, and the same was honoured by filing return of income subsequent thereto, no penalty under section 271(1)(c) was sustainable, hence no error, not to speak of any error of law could be said to have been committed by Tribunal.
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Penalty under section 271(1)(c) - Leviability - Money receipts offered for taxation after being detected by department - Pursuant of survey
AO levied penalty under Section 271(1)(c) on the premise that assessee had concealed particulars of its income and furnished inaccurate particulars of its income. AO took the view that assessee had offered the on money receipts for taxation after being caught by the department on account of survey action. Held: High Court in the case of CIT v. SAS Pharmaceuticals (2011) 11 taxmann.com 207(Del) : 2011 TaxPub(DT) 0999 (Del-HC) had held that when assessee discloses amount during action under section 133A, and the same was honoured by filing return of income subsequent thereto, no penalty under section 271(1)(c) was sustainable. Therefore no error, not to speak of any error of law could be said to have been committed by Tribunal in passing order deleting penalty under section 271(1)(c).
REFERRED : CIT v. Reliance Petroproducts Pvt. Ltd. (2010) 322 ITR 158 (SC) : 2010 TaxPub(DT) 1683 (SC), CIT v. SAS Pharmaceuticals (2011) 11 taxmann.com 207(Del) : 2011 TaxPub(DT) 0999 (Del-HC), DCIT v. Mann Corporation Mala Hills 2019 TaxPub(DT) 3501 (Ahd-Trib)
FAVOUR : In assessee's favour
A.Y. : 2012-13
IN THE GUJARAT HIGH COURT
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