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| The Tax Publishers2020 TaxPub(DT) 1285 (Mum-Trib) INCOME TAX ACT, 1961
Section 271(1)(c)
There was no occasion for the assessee to evade the tax as the assessee offered the additional income declared during the survey action while filing the return in response to the notice under section 153C.
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Penalty under section 271(1)(c) - Validity - Assessee offered additional income during survey action by filing return in response to notice under section 153C -
Assessee challenged penalty imposed under section 271(1)(c). Case of assessee was that return of income filed in response to notice under section 153C, wherein additional income received on sale of residential property and cash component paid towards purchase of five residential properties was admitted by revenue without any variances. Held: Additional income offered by assessee in his return of income was accepted by AO. The fact of 'concealment of income' and 'furnishing inaccurate particulars of income' can be established with reference to the income declared in the return of income. In assessee's case, income declared in return of income was accepted; therefore, it could not be the case of 'concealment' or 'furnishing inaccurate particulars' of income. There was no occasion for the assessee to evade the tax as the assessee offered the additional income declared during the survey action while filing the return in response to the notice under section 153C.
REFERRED : The CIT-11 v. Shri Samson Perinchery [ITA Nos. 1154, 953, 1097 and 1226 of 2014, dated 5-1-2017] : 2017 TaxPub(DT) 0672 (Bom-HC) Shri Samson Perinchery v. ACIT [ITA No. 4625 to 4630/M/2013, dated 11-10-2013] : 2019 TaxPub(DT) 1779 (Mum-Trib)
FAVOUR : In assessee's favour
A.Y. :
IN THE ITAT, MUMBAI BENCH
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