TaxTMI 
TaxTMI 
2022 (6) TMI 640
X X X X Extracts X X X X
X X X X Extracts X X X X
.... as "the Act") relevant to the Assessment Year 2015-2016. 2. The only issue raised by the assessee is that the learned CIT-A erred in confirming the penalty levied by the AO for Rs. 14,25,383/- under the provisions of section 271(1)(c) of the Act on account of furnishing inaccurate particulars of income. 3. The facts in brief are that the assessee in the present case is an individual and engaged in the activity of consultancy services. The assessee in the year under consideration has filed his return of income dated 25th of March 2016 declaring an income of 59,38,480/- which was subsequently revised dated 18th October 2016 by enhancing the total income at Rs. 1,28,95,558/- on account of the income under the head capital gain. However,....
X X X X Extracts X X X X
X X X X Extracts X X X X
....iled by the assessee was invalid and therefore no credence could be given to such return of income. According to the AO, the particulars furnished by the assessee in the original return of income were not true but erroneous. Thus the assessee has furnished inaccurate particulars of income with respect to the capital gain added to the total income of the assessee. Thus the AO levied the penalty for Rs. 14,25,383/- being hundred percent of the amount of tax sought to evaded by the assessee under the provisions of section 271(1)(c) of the Act on account of furnishing inaccurate particulars of income. 5. Aggrieved assessee preferred an appeal to the learned CIT-A, who also confirmed the order of the AO. 6. Being aggrieved by the order of ....
X X X X Extracts X X X X
X X X X Extracts X X X X
....n the original return of income was not as per the truth which amounts to furnishing inaccurate particulars of income and levied the penalty of Rs. 14,25,383/- being 100% of the amount of tax sought to be evaded under the provisions of section 271(1)(c) of the Act which came to be confirmed by the learned CIT-A. 9.1. The case of the learned AR for the assessee before us is that the assessee has not furnished any inaccurate of particular of income. As such the assessee voluntary before any detection or show cause notice to be issued by the Revenue disclosed correct amount of the capital gain by revising the return of income or by furnishing the revised computation of income. Thus the assessee disclosed all the material facts with regard t....
X X X X Extracts X X X X
X X X X Extracts X X X X
....he assessee instead of producing creditor accepted the amount credited as its income by filing revised computation of income. Accordingly the assessment was concluded on higher amount of income and penalty under section 271(1)(c) was imposed. On appeal the coordinate bench of this tribunal held the amount of income was voluntary offered by the assessee before detection of the same by the AO. Thus, the penalty cannot be levied. The relevant finding of the coordinate bench reads as under: The Commissioner (Appeals) after having held that the assessee's case was not covered by Explanation 3 to section 271(1)(c), was not justified in proceeding to upheld the levy of penalty on the basis of disclosed income Firstly, the Assessing Of....