ITA No.3023/Mum/2024

Parties Involved

Facts Summary

The assessment under section 143(3) of the Income Tax Act was completed for the assessee, Gautam Yogendra Trivedi, on 02.12.2018, assessing his total income at Rs. 3,37,49,940/-. During the assessment, the assessing officer found that the assessee had not declared dividend income of Rs. 2,71,852/- received during the year under consideration. Consequently, the assessing officer added this amount to the total income and initiated penalty proceedings for concealment of income. The penalty of Rs. 84,072/- was levied under section 271(1)(c) of the Act. The assessee filed an appeal before the Commissioner of Income Tax (Appeals), who deleted the penalty after considering the assessee's submission that the omitted income was a small amount compared to the total income declared. The revenue filed an appeal against this order, which was dismissed by the Income Tax Appellate Tribunal.…

Legal Issues

• 1. Whether the penalty levied by the assessing officer should be restored?
• 2. Whether the assessee's omission of declaring dividend income was inadvertent?

Judgment Outcome

Decided in favour of Partly Assessee / Partly Revenue.

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