Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2014 (1) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2014 (1) TMI 1628 - ITAT MUMBAIPenalty u/s 271(1)(c) - Disallowance of bad debts - Held that:- voluntary disclosure does not release the assessee from the mischief of penal proceedings. The law does not provide that when an assessee makes a voluntary disclosure of his concealed income, he has to be absolved from penalty - assessee has not brought anything on record to establish that the wrong claim in the return of income is actuated by any bona fide act or arises out of debatable issue and therefore the decision of the hon'ble apex court in the case of CIT v. Reliance Petroproducts Pvt. Ltd. [2010 (3) TMI 80 - SUPREME COURT ] is not applicable in the case of the assessee - consequence would be that the persons who make claims of this nature would otherwise get away without paying the tax legally payable by them, if their cases are not picked up for scrutiny. In view of the aforementioned discussion, we are of the view that the assessee's case attracts the provision of section 271(1)(c) of the Act and we do not find any justifiable reason to interfere with the decision of the learned Commissioner of Income-tax (Appeals) confirming the penalty levied by the Assessing Officer - Order of CIT(A) upheld - Decided against assessee.
|