The Tax Publishers2019 TaxPub(DT) 2987 (Chd-Trib)

INCOME TAX ACT, 1961

Section 271(1)(c)

Assessee suo motu surrendered an amount of Rs. 37 lacs and paid the due tax along with interest thereon much before Investigation Wing or the AO pointed out any discrepancy about the undisclosed or concealed income of assessee, therefore, levy of penalty under section 271(1)(c) was not justified.

Penalty under section 271(1)(c) - Concealment or furnishing of inaccurate particulars - Leviability - Amount surrendered much before investigation wing or AO pointed out any discrepancy about undisclosed income

Investigation Wing of the Department summoned assessee under section 131(1A) vide summon dated 29-9-2015, and assessee was required to attend on 12-10-2015 and produce Brief Note on business activities carried out by her, Photocopies of copies of ITRs, Computation chart and audited balance sheet for the assessment year 2011-12 to assessment year 2015-16, details of all bank accounts and -- Copy of cash book/ bank book and sale/purchase book, etc., assessee suo moto surrendered Rs. 36 lakhs and filed revised statement of net assessable income and deposited due tax on said surrender on 12-10-2015. AO holding that assessee had concealed income to the extent of Rs. 37 lakhs, levied penalty under section 271(1)(c). Held: Assessee suo moto surrendered an amount of Rs. 37 lacs and paid the due tax along with interest thereon much before Investigation Wing or the AO pointed out any discrepancy about the undisclosed or concealed income of assessee, therefore, levy of penalty under section 271(1)(c) was not justified.

Relied:CIT v. Rajiv Garg (2009) 313 ITR 256 (P&H) : 2009 TaxPub(DT0 667 (P&H-HC).

REFERRED :

FAVOUR : In assessee's favour.

A.Y. : 2015-16



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