2015 (3) TMI 1169

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....ied under section 271(1)(c) of the Income Tax Act, 1961 by the Assessing Officer-Range 25(3), Mumbai without appreciating the facts and the written submission made during the course of the penalty proceedings. 2. Your Appellant craves to leave, to add, to modify or delete the above grounds of appeal." 2. The brief facts of the case are that assesssee had filed his return of income on 31.08.2009 wherein the assessee had declared his income at Rs. 61,88,188/-. The return was processed u/s 143(1) of the IT Act and selected for scrutiny by CASS. Consequently the assessment in the case of the assessee was completed u/s 143(3) of the I.T. Act,1961 on 23.09.2011. During the course of assessment proceedings, it was found by the AO that ....

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....ules and Indian Tax laws. The assessee was under bonafide belief as consultancy income amounting to Rs. 1,03,336/- remained to be included in the income as the party (HAL Edgewood Technologies Private Ltd) did not deduct income tax at source from the payment made to the assesee. It was submitted that the genuine error cannot be treated as concealment of income. It was further submitted by the assesee that the amount of interest income of Rs. 75,190/- on fixed deposits with the bank could not be shown as income and the same was missed out owing to HDFC Bank which did not care to courier the certificate of interest and tax deducted at source. 4.1 Lastly, it was submitted that there was no intentional concealment on the part of the assessee....

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....ffect that the amount of Rs. 1,03,336/- regarding concealment of income was missed out as assessee was not conversant with the Indian accounting rules and Indian tax laws. And the amount of interest income of Rs. 75,190/- on fixed deposits with bank was also missed out owing to HDFC Bank which did not care to courier the certificate of interest and tax deducted at source. In this respect, we would like to mention that ignorance of law is not an excuse and it was bounded duty of the assessee to disclose afore mentioned facts at the time of filing return before the Income tax authorities. Although the assessee relied upon the judgements but the facts of all the cases are distinguishable and are not similar to the facts of the present case for....