Case Law Details
Prakash Mithalal Oswal Vs ITO (ITAT Pune)
It is found that the reported income and the assessed income of the assessee remain same except for minor disallowance of expenses. The AO has imposed penalty only with reference to the amount of Rs.50.00 lakh and odd which was suo motu declared by the assessee in the return. In this case income under consideration forming the foundation for the penalty is not the one which was added by the AO beyond the income returned.
In view of the fact that the assessee voluntarily offered the income, declared in the survey, in the return of income and the assessment was made without making any addition on that score, we hold that such an income cannot constitute the bedrock for the imposition of penalty u/s.271(1)(c) of the Act.
FULL TEXT OF THE ORDER OF ITAT PUNE
This appeal by the assessee is directed against the order passed by the CIT(A)-5, Pune on 21-11-2018 confirming penalty of Rs.14,07,762/- imposed by the Assessing Officer (AO) u/s.271(1)(c) of the Income-tax Act, 1961 (hereinafter also called `the Act’) in relation to the assessment year 2013-14.
Please become a Premium member. If you are already a Premium member, login here to access the full content.