COMMISSIONER OF INCOME vs DR. VANDANA GUPTA, The assessee, in the instant case, is a Medical Practitioner. She surrendered 2,00,00,000/- during search proceedings and filed a revised return declaring that amount as additional income.
After the completion of proceedings, the Assessing Officer imposed a penalty on the assessee stating that she had furnished inaccurate particulars of income. Before the appellate authorities, the assessee submitted that she neither concealed particulars of income or furnished inaccurate particulars and that all material disclosures were made during the assessment proceedings.
The ITAT concluded the matter in favor of the assessee by holding that since the assessee disclosed the income in the revised return which was in consonance with the voluntary statement made by her, the exercise of discretion in assuming jurisdiction and imposing the penalty was unwarranted.
A division bench of the Delhi High Court held that in the present case, the explanation as to the nature of income or its source has not been explained by the assessee.
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