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2016 (12) TMI 293 - ITAT MUMBAIPenalty under Section 271 (1) ( c) - Bogus purchases - voluntary disclosure by assessee - Held that:- After going through the statement so recorded during survey, the revised return filed by the assessee offering the income to stop the litigation and to purchase piece of mind and the findings given by the AO while framing assessment under Section 143(3) read with Section 147 wherein he has accepted the purchases so made. We found that in present case also assessee explain the genuineness of purchases. But assessee voluntarily offered @50% of purchases as additional income just to buy peace and avoid litigation. The same accepted by AO. It is clear from the above order of the AO that there was neither concealment of income nor furnishing of inaccurate particulars of income. Since, in the instant case the assessee has not concealed any particulars of the income, nor has furnished inaccurate particulars of such income and has even disclosed and submitted all the particulars correctly. Therefore, levy of penalty was not justified in all the years under consideration. - Decided in favour of assessee
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