Forgot password
New User/ Regiser
⇒ Register to get Live Demo
2010 (3) TMI 714 - ITAT LUCKNOW-A
Penalty – Concealment of income - The assessee claimed that the entire profit of Rs. 2,25,36,542 was eligible for exemption under s. 10B of the Act - AO issued a show-cause notice under s. 274 r/w s. 271(1)(c) of the Act to the assessee – Assessee submitted that return were filed on the basis of audited accounts and the exemption u/s 10B was claimed by furnishing the report in Form no. 56G r/w r. 16B of the IT Rules, 1962, so all the facts were disclosed to the AO - Wherever there is a difference between the returned and assessed income, there is an inference of concealment, as a rule of law as would be clear from Expln. 1 to s. 271(1)(c) of the Act - In the instant case also the assessee gave a bona fide explanation and unreservedly gave all the documents and information without withholding any information relating to the computation of its total income - Accordingly the appeal is dismissed