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J. B. PARDIWALA, MANMOHAN
K. Krishnamurthy – Appellant
Versus
Deputy Commissioner of Income Tax – Respondent
| Table of Content |
|---|
| 1. mou for land procurement (Para 3 , 4 , 6) |
| 2. search and seizure operation (Para 5) |
| 3. assessment order issued (Para 7 , 8 , 9 , 10 , 11 , 12 , 13 , 14 , 15 , 16) |
| 4. arguments on behalf of appellant (Para 17 , 18 , 19 , 20 , 21 , 22 , 23) |
| 5. arguments on behalf of respondent (Para 24 , 25 , 26 , 27 , 28) |
| 6. interpretation of section 271aaa (Para 29) |
| 7. penalty not mandatory (Para 30 , 31 , 32 , 33 , 34 , 35 , 36 , 37 , 38 , 39 , 40 , 41 , 42) |
| 8. appeal dismissed (Para 43) |
JUDGMENT :
MANMOHAN, J.
1. Leave granted.
2. The present appeal has been filed challenging the impugned judgment and order dated 02nd August, 2022 passed by the High Court of Karnataka at Bengaluru in I.T.A. No. 125 of 2017 whereby the High Court dismissed the appeal preferred by the Appellant under Section 260A of the Income Tax Act, 1961 (for short ‘Act 1961’).
FACTS
3. The facts giving rise to the present appeal are that a Memorandum of Understanding (‘MOU’) dated 19th January, 2009 was entered into between Mr. Hashim Moosa on the one hand and the Appellant as well as Mr. Surendra Reddy on the other, for procuring lands at a certain price from the land procurers, i.e. the Appellant and Mr. Surendra Reddy.
Compliance with all conditions under Section 271AAA(2) of the Income Tax Act is mandatory to avoid penalty for undisclosed income.
The court established that an assessing officer's satisfaction of concealment of income during assessment suffices to initiate penalty proceedings under Section 271(1)(c), irrespective of whether spe....
Penalty u/s 271(1)(c) not leviable on income voluntarily offered and accepted in returns filed u/s 153A post-search, deemed as u/s 139(1) returns; nor on minor estimated or calculation error addition....
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