SH. RABINDER SINGH WANN,AMRITSAR vs. INCOME TAX OFFICER, WARD - 5(3), AMRITSAR

ITA 552/ASR/2017Status: DisposedITAT Amritsar08 March 2019AY 2008-095 pages
AI SummaryAllowed

What did the Tribunal hold?

The Tribunal held that the assessee was justified in not returning the interest income as there was no certainty of its realization and it was not an interest-bearing deposit. The penalty was not imposable.

What were the facts?

The assessee did not offer interest income of Rs. 79,800 to tax, although tax was deducted at source. The Assessing Officer initiated penalty proceedings under Section 271(1)(c) for concealment of income.

What were the issues?

Whether penalty under Section 271(1)(c) is leviable when the income was not certain to be realized and the assessee acted bona fide.

Which sections of the Income-tax Act were involved?

Section 271(1)(c)

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Income Tax Appellate Tribunal, AMRITSAR BENCH, AMRITSAR (SMC

Before: SH. SANJAY ARORA

Hearing: 27.02.2019Pronounced: 15.03.2019

Per Sanjay Arora, AM: This is an Appeal by the Assessee directed against the Order by the Commissioner of Income Tax (Appeals)-2, Amritsar ('CIT(A)' for short) dated 05.06.2017, confirming the levy of penalty u/s. 271(1)(c) of the Income Tax Act, 1961 ('the Act' hereinafter) by the Assessing Officer vide order dated 28.03.2016 for the Assessment Year (AY) 2008-09. 2. The assessee, a doctor by profession, filed his return of income for the relevant year on 29.07.2008 at an income of Rs.2,86,520. The same did not include interest income of Rs.79,800/- allowed to the assessee by Sahara India Commercial Corporation Ltd., Lucknow (‘Sahara’ for short) during the year, deducting tax thereon at Rs.8,220, duly

The order continues below.

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