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2012 (2) TMI 211 - AT - Income TaxCondonation - Dealay of 40 days - According to the assessee, all the income-tax matters were being looked after by a tax practitioner, Sri Uttam Roy, who due to his ill health failed to represent the cases of the assessee before the department during the period from June, 2009 to September, 2010. - Held That:- In view of Katiji & Ors.(1987 - TMI - 40082 - SUPREME Court) condonation allowed. Penalty - Discrepancy in Stock of jewellery - Held That:- the assessee offered the same for taxation without any protest before the survey party itself. That being the case, there is no mala fide on the part of the assessee and the assessee cooperated with the department by filing the details, names, addresses along with the quantity of goods in respect of karigar’s gold and customer’s gold lying in the vault of the assessee and, therefore, the bonafide action of the assessee has to be accepted - In view of CIT v/s Reliance petroproducts (2010 -TMI - 75701 - SUPREME COURT), decided in favour of assessee. Receipt on account of extra work - In respect of extra work the term ‘white’ and ‘cash’ was written. Admittedly, vide assessee’s letter dated 20/4/2009, ‘white’ indicates cheque receipt and ‘cash’ indicates cash receipt. - held that:- The explanation offered by the assessee is not satisfactory in the eye of law. - Levy of penalty sustained - decided against the assessee.
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