Assessee sold immovable property along with nine other co-owners and failed to file a valid return under section 139.\u00a0 Assessing Officer issued reopening notice and initiated penalty proceedings against assessee.\u00a0 Assessing Officer levied a penalty under section 271(1)(c) equivalent to 100 per cent of tax sought to be evaded. On appeal the Tribunal held that the assessee has paid the self assessment tax\u00a0 which was also\u00a0 reflected in Form No. 26AS. Tribunal held that\u00a0 since the assessee paid self-assessment tax prior to issue of reopening notice, as per Explanation 4 to section 271(1)(c), amount of tax sought to be evaded was to be determined by taking into consideration amount of tax on total income assessed as reduced by amount of advance tax, tax deducted at source, tax collected at source and self-assessment tax paid. Since Assessing Officer had determined total tax on income assessed at Rs. 2.08 lakhs whereas self-assessment tax paid by assessee was Rs. 2.16 lakhs, amount of tax sought to be evaded was nil, penalty is deleted.\u00a0 (AY. 2011-12)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 271(1)(c) : Penalty-Concealment-Self assessment tax paid prior to issue of reopening of notice-Penalty is deleted. [S. 139, 140A, 148] <\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-49927","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-cZh","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/49927","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=49927"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/49927\/revisions"}],"predecessor-version":[{"id":49928,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/49927\/revisions\/49928"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=49927"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=49927"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=49927"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}