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| The Tax Publishers2020 TaxPub(DT) 4637 (Ranchi-Trib) INCOME TAX ACT, 1961
Section 271AAB Section 271(1)(c)
Since assessee's case involved search proceedings covered under specific provision under section 271AAB, impugned proceedings under section 271(1)(c) ought not to have been initiated because specific provision dealing with such penalty, i.e., section 271AAB has overriding effect over general one under section 271(1)(c). Accordingly, penalty under section 271(1)(c) was deleted.
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Penalty under section 271(1)(c) - Concealment or furnishing of inaccurate particulars - Leviability - Assessee's case involving search proceedings and loss return filed in response to section 153A revised to positive return
Assessee in response to notice under section 153A filed return of loss at Rs. 1,43,05,649. Subsequently assessee revised its return of income from loss of Rs. 1 crore to income of Rs. 29,62,330. AO passed order under section 153A/143(3) determining total income at Rs. 29 lakhs. However, in the assessment order AO noted that assessee had concealed the income on account of loss being converted to positive income and accordingly, AO levied penalty under section 271(1)(c). Held: Since assessee's case involved search proceedings covered under specific provision under section 271AAB, impugned proceedings under section 271(1)(c) ought not to have been initiated because specific provision dealing with such penalty, i.e., section 271AAB has overriding effect over general one under section 271(1)(c). Accordingly, penalty under section 271(1)(c) was deleted.
REFERRED :
FAVOUR : In assessee's favour.
A.Y. : 2014-15
IN THE ITAT, RANCHI BENCH
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