Case Law Details
RELEVANT PARAGRAPH
As per the provisions of section 271(1)(c) the penalty under this section is leviable if the Assessing Officer is satisfied in the course of any proceeding under this Act that any person has concealed the particulars of his income or furnished inaccurate particulars of such income. The penalty proceedings and the assessment proceedings both are different. Explanation 1 to section 271(1)(c) in respect of any fact relating to the computation of total income states that the amount added or disallowed in computing the total income of an assessee shall be deemed to be the income in respect of which particulars have been concealed. This deeming provision for concealment is not absolute one.
9. In this case, we noted that the Assessing Officer has not brought out any specific charge for which the penalty has been imposed on the assessee under section 271(1)(c) of the Income Tax Act. He has not brought out whether the assessee has concealed the income or whether the assessee has furnished the inaccurate particulars of income. This is apparently clear from the finding of the Assessing Officer in the penalty order which are reproduced as under: –
“In view of above discussion, the assessee is held liable for concealment of income and furnishing of inaccurate particular of income, hence, liable for penalty under section 271(1)(c) of the IX Act, 1961.
Income in respect of which inaccurate particular were furnished or concealment is Rs. 10 lakh (Assessed income Rs. 11,23,463.00 minus returned income Rs. 1,23,463.00) .
Please become a Premium member. If you are already a Premium member, login here to access the full content.
can, I surrendered other income to the limit of Rs. 2,00000/- while calculating the total income . Is there is any quarries may arise from Income tax department while filing the return. Is there any limit under surrendered miscellaneous income.