Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2010 (3) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2010 (3) TMI 804 - ITAT, CHENNAIWaiver of penalty - assessee in order to buy peace and to avoid further litigation surrendered the amount to tax – Held that:- The assessee has offered an explanation which has not been found false by the Assessing Officer. - The explanation of the assessee that whatever was returned by him was correct but because the books could not be produced due to plausible reason which explanation has not been found to be not bona fide and the Assessing Officer has not even doubted the same, the other condition of the explanation of section 271(1)(c) is also not established. So, when there is no presumption, the question of rebuttal does not arise or in other words, the presumption stands rebutted. - Decided in favor of assessee.
|