KANTILAL DE vs. HIBHAI FULETRA,RAJKOT

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ITA 464/RJT/2017Status: DisposedITAT Rajkot17 September 2019AY 2013-144 pages
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What did the Tribunal hold?

The Tribunal held that the assessee did not deliberately conceal income but was misguided by his employer, leading to a misconception of law. Therefore, the penalty imposed was cancelled.

What were the facts?

The assessee, a salaried employee, failed to disclose certain interest income due to a misconception that it was exempt. The Assessing Officer (AO) proposed additions, but the assessee had already declared more interest income than proposed by the AO.

What were the issues?

Whether penalty under Section 271(1)(c) is leviable when the assessee's failure to disclose income was due to a bona fide misconception of law and not a deliberate concealment.

Which sections of the Income-tax Act were involved?

Section 271(1)(c)

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Cases cited in this judgment(3)Show list

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Income Tax Appellate Tribunal, RAJKOT BENCH, RAJKOT

Before: SHRI RAJPAL YADAV, HON’BLE & SHRI WASEEM AHMED HON’BLE

Hearing: 16/09/2019Pronounced: 17/09/2019

आदेश क� ��त�ल�प अ�े�षत/Copy of the Order forwarded to : अपीलाथ� / The Appellant 1. ��यथ� / The Respondent. 2. 3. संबं�धत आयकर आयु�त / Concerned CIT आयकर आयु�त(अपील) / The CIT(A) 4. �वभागीय ��त�न�ध, आयकर अपील�य अ�धकरण, / DR, ITAT, Rajkot 5. 6. गाड� फाईल / Guard file. आदेशानुसार/ BY ORDER,

उप/सहायक पंजीकार (Dy./Asstt.Registrar) आयकर अपील�य अ�धकरण, / ITAT, Rajkot

1.

Date of dictation- 16/09/2019 2. Date on which the typed draft is placed before the Dictating Member 3. Date on which the approved draft comes to the Sr.P.S./P.S.-. … 4. Date on which the fair order is placed before the Dictating Member for Pronouncement …….. 5. Date on which the file goes to the Bench Clerk……..… 17/09/2019 6. Date on which the file goes to the Head Clerk……………………………. 7. The date on which the file goes to the Assistant Registrar for signature on the order…………………….. 8. Date of Despatch of the Order………………

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