Case Law Details
DCIT Vs Sushrut Institute of Plastic Surgery (P) Ltd (ITAT Lucknow)
Concealment of particulars of income or furnishing of inaccurate particular of income by assessee has to be in income tax return filed by it. However, assessee had included the surrendered amount in its revised return. There was no such concealment or non disclosure as assessee had made a complete disclosure in income-tax return and offered the surrendered amount for purposes of tax. Therefore, no penalty under section 271(1)(c) could be levied.
FULL TEXT OF THE ITAT JUDGMENT
This is an appeal filed by the Revenue against the order of CIT(A)-II, Lucknow dated 21/03/2017. The only issue involved in this appeal is the action of the learned CIT(A) by which he has deleted the penalty which the Assessing Officer had imposed u/s 271(1)(c) of the Act.
2. At the outset, Learned D. R. submitted that the Assessing Officer had rightly imposed the penalty which learned CIT(A) has wrongly deleted as the revised return was filed only after incriminating documents were found during the course of survey and therefore, there was concealment of income in the original return and had there been no survey, the income of the assessee would have been short assessed to that extent and therefore, the Assessing Officer had rightly imposed the penalty.
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