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| The Tax Publishers2020 TaxPub(DT) 1973 (Ahd-Trib) INCOME TAX ACT, 1961
Section 271(1)(c)
There was no addition made by AO during assessment proceedings under section 143(3) read with section 153A to returned income under section 153A, and ,therefore, assessee could not be treated to be assessee concealing income. Accordingly, no penalty was leviable under section 271(1)(c) even if assessee pursuant to search, disclosed additional income in returns filed under section 153A.
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Penalty under section 271(1)(c) - Concealment or furnishing of inaccurate particulars - No addition made to returned income under section 153A -
Assessee pursuant to search disclosed additional income in returns filed under section 153A. AO levied Penalty under section 271(1)(c). Held: There was no addition made by AO during assessment proceedings under section 143(3) read with section 153A to returned income under section 153A, and ,therefore, assessee could not be treated to be assessee concealing income. Accordingly, no penalty was leviable.
Followed: Rajkumar Gulab Badgujar 111 Taxmann.com 257(SC)
REFERRED :
FAVOUR : in assessee's favour
A.Y. :
IN THE ITAT, AHMEDABAD BENCH
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