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2012 (7) TMI 764 - AT - Income TaxChallenging the penalty levy u/s.271(1)(c) - Held that:- Considering the conduct of the assessee company at the assessment / re-assessment stage revised return was filed under which income u/s.115JB was declared and the normal provision but assessee did not add back the provision for risk inventory - It was only when the A.O. pointed out in the reassessment proceedings then the assessee agreed for the disallowance of the provisions for risk inventory. The above factual matrix clearly show that the intention of the assessee company was not bonafide - assessee submission that in the earlier year such a provision was added back in the computation of income which again show that the omission for not adding back the provision this year is not a bonafide mistake - When the assessee in computation of income claim expenses/provisions not allowable as deductions, the assessee is liable to pay penalty - against assessee.
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