S. 271(1)(c), Explanation 5A, Court (Jaipur)(Trib.), Penalty-Concealment-Initiation of penalty proceedings on both charges-Penalty levied on a specific charge of concealing particulars of income-Levy of penalty is held to be justified. [Explanation 5A]

 Section :- S. 271(1)(c), Explanation 5A

Court (Jaipur)(Trib.)

Penalty-Concealment-Initiation of penalty proceedings on both charges-Penalty levied on a specific charge of concealing particulars of income-Levy of penalty is held to be justified. [Explanation 5A]

The Tribunal held that the assessee was made aware of both the charges at the time of initiation of penalty proceedings and while finally levying the penalty, the Assessing Officer had given a specific finding that it was a case of concealment of particulars of income. This was not a case of lack of opportunity to the assessee or lack of application of mind on the part of the Assessing Officer. It was not the case of the assessee that the charge of concealment of particulars of income was not attracted in the facts of the present case. The Assessing Officer had invoked the provisions of Explanation 5A to section 271(1)(c) of the Income-tax Act, 1961 and this had been confirmed by the Commissioner (Appeals). The Commissioner (Appeals) had dismissed the assessee’s contention that it had suo motu filed the revised return disclosing unexplained investment in jewellery found during the course of search, on the ground that such return had been filed subsequent to the date of search. The penalty levied by the Assessing Officer was confirmed. (AY. 2012-13)

Sarla Mundra (Smt.) v. Dy. CIT (2020 81 ITR 65 (SN) (Jaipur)(Trib.)