Case Law Details
Lajai Seva Sahakari Mandli Vs ITO (ITAT Rajkot)
It is seen from the Penalty order that the assessee has filed a rectification petition u/s. 154 on 11.09.2017 stating the rental income has already been offered by revising the return on 29.03.2017. The Assessing Officer also held that the bonafideness of the assessee remain unproved as it has filed Revised Return after 8 months of receipt of notice u/s. 143(2) of the Act i.e. the assessee offered the rental income only after the statutory proceedings were initiated by the department.
In the above circumstances, the levy of penalty u/s. 271(1)(c) for filing inaccurate particulars of income does not arise when the assessee filed a Revised Return offering to tax the rental income. In our considered view, the penalty levied u/s. 271(1)(c) is hereby deleted.
FULL TEXT OF THE ORDER OF ITAT RAJKOT
The present appeal has been filed by the Assessee against the order dated 22.04.20 19 passed by the Commissioner of Income Tax (Appeals)-3, Rajkot partly confirming the penalty levied u/s. 271(1)(C) of the Income Tax Act, 1961 (hereinafter referred to as ‘the Act’) relating to the Assessment Year (A.Y) 2015-16.
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