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2014 (5) TMI 1166 - HC - Income TaxPenalty u/s 271(1)(c) - voluntary surrender of income - Held that:- In the present case, the assessee did produce all the relevant material in the form of books of account, bank statements, vouchers, sale bills etc. During the course of further enquiry in the assessment proceedings. The assessee voluntarily offered a sum of ₹ 75 lacs for assessment stating that even though all the material existed, yet in order to buy peace it was offering the amount to tax. The facts of this case are clearly such that the decision in MAK Data (2013 (11) TMI 14 - SUPREME COURT), in the opinion of this Court, cannot be attracted. The assessee at no point seem to have accepted the revenue’s contentions that such claimed expenditure was bogus and that it was not allowable, he offered the amount only to buy peace. There is also no finding by the AO that the appellant had failed to offer an explanation in respect of the income returned or had failed to disclose material particulars. - Decided in favour of assessee.
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