Penalty u/s 271(1)(c) of the Income Tax Act can only be levied when there is concealment of the particulars of the income of the assessee

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Last updated: 08 June 2021
Quick Summary
This ruling clarifies that a penalty under Section 271(1)(c) of the Income Tax Act can only be imposed if there has been a genuine concealment of income particulars by the assessee. The case involved additions made to the assessee's income due to unexplained cash deposits and ATM transfers. While the assessee initially agreed to the additions to avoid further litigation, the tribunal considered whether this agreement automatically justified the penalty.

Court :
ITAT Pune

Brief :
This is an appeal filed by the assessee directed against the order of the Learned Commissioner of Income Tax (Appeals)- 6, Pune (‘CIT(A)’ for short)b dated 20.12.2017 for the assessment year 2011-12 in confirming levy of penalty u/s 271(1)(c) of the Income Tax Act, 1961 (‘the Act’).

Citation :
ITA No.725/PUN/2018

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1 Year PLAN
1999
(Excl. of GST ₹359)

2 Years PLAN
3499
(Excl. of GST ₹629)

BEST VALUE
3 Years PLAN
4999
(Excl. of GST ₹899)

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