Despite Offering Income In S. 148 ROI, S. 271(1)(c) Penalty Leviable

Karnataka High Court CIT vs. M/s Sangameshwara Associates Income Tax Appeal No. 522 of 2006 Date of Decision 02.04.2012 The Return of Income  filed pursuant to a notice notice U/s. 148  is not ‘voluntary’ & it can be readily inferred that the assessee had not furnished full particulars of his true income and so reopening became necessary. The explanation that the income was offered to buy peace is not acceptable because it is a clear case of admission of not offering true income earlier. If it had not been for the reopening, the income would have escaped assessment. When the assesse...