Case Law Details
When assessee declares higher profits in its revised return filed after detection of concealment, penalty u/s 271(1)(c) is warranted
DCIT, Kolkata Vs Sushma Devi Agarwal (ITAT Kolkata)- Assessee has failed to establish that disclosure of additional income in the revised return by way of declaring G. P. rate at 15% as against 6.93% shown in return filed u/s. 153A of the Act was voluntary and in good faith to buy peace with the department. On the other hand, the assessee filed the revised return only after the concealment was detected by the AO and he confronted the assessee with the same. In such circumstances, penalty u/s. 271(1)(c) of the Act of Rs.14,61,678/- for concealment of income has rightly been levied by the A.O.
ITAT Kolkata
Dy. Commissioner of Income Tax Vs Sushma devi Agarwal
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Amit , pl see this order