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The assessee would be entitled to interest under section 244A(1)(b) on amount of refund which was deposited by it by way of self-assessment tax under section 140A.
Tax deducted at source, advance tax, and also tax paid by way of self-assessment, after its adjustment against tax liability of assessee on a regular assessment, loses its original character and becomes tax paid in pursuance of liability.
Therefore, it could not be held that the assessee was only entitled to interest on tax deducted at source or advance tax but not on self-assessment tax paid under section 140A which was found to be paid in excess.
Declaration of additional income pursuant to survey doesn’t invite penalty in absence of any concealment of facts:-
Where assessee, consequent to survey, declared additional income which was accepted by Assessing Officer, imposition of penalty under section 271(1)(c) was not justified.
Consequent to survey, assessee offered additional amount and included it in its return in response to notice under section 148.
There being difference in amount as declared in original return and as filed in response to notice under section 148.
Assessing Officer initiated penalty proceedings and levied penalty.
Fact that assessee had made purchases and recorded them in its books as well as stock books had not been disputed by Assessing Officer.
It was held that since All relevant facts, material to computation of total income were duly furnished by assessee and no deficiencies in furnishing of such facts were pointed out by revenue authorities.
therefore there could be no question of treating assessee as having concealed particulars of income or furnished inaccurate particulars of income and revenue authorities erred in imposing penalty under section 271(1)(c) on surrendered income.
Words & Phrases: Term ‘concealment of income’ as occurring in section 271(1)(c) of the Income-tax Act, 1961.
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