By Ajay R. Singh
Advocate
4 The Commissioner of Income Tax, International Taxation-1 vs. Ashutosh Bhatt [Income Tax Appeal No.1424 of 2017; Date of order: 11th April, 2022 (Bombay High Court)]
S. 271(1)(c) – Penalty – concealment of income - inaccurate particulars of income - mistake committed in calculationThe assessee was an individual and non-resident so far as the assessment year under consideration was concerned. For A.Y. 2007-2008, the assessee had filed return of income on 31st July, 2007 declaring total income of R8,31,287. Thereafter the assessee revised his income and further offered an income of R1,76,68,508. A notice u/s 148 was issued thereafter on 29th March, 2012 as a consequence of which, the assessment was finalized u/s 143(3) r.w.s 147. Assessment order dated 21st March, 2013 came to be passed where total income was assessed at R1,85,69,800, which is the same amount as was declared by the assessee originally, plus the income revised subsequently.
Later, the Assessing Officer held the assessee guilty of concealment of income within the meaning of section 271(1)(c ) of the Act and levied a penalty of 200% of the tax sought to be levied on the amount of R1,76,68,508 which was declared subsequent to the filing of original return of income. Consequently, a penalty of R1,17,82,234 has been levied.
The CIT(A), vide order dated 26th March, 2014, deleted the entire penalty levied by the A.O. on t
