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2012 (10) TMI 853 - AT - Income TaxPenalty u/s 271(1)(c) - non-disclosure of ROC fee and interest expenditure - Held that:- The explanation of the assessee that non-disclosure of both the above income was indeed due to inadvertence on the part of the assessee and thus the mistake was bona fide is not so convincing. The assessee has offered tax on the above heads in its revised statements only after selection of the case in scrutiny and after issuance of notice u/s 143(2)/142(1) and after raising the specific queries by the A.O with reference to those expenses claimed by the assessee in the Profit & Loss Account. Thus, no substance in the contention of the assessee that the disclosure of additional income while revising the computation of income was voluntary - the mistakes committed in not disclosing the above additional income in its return of income originally filed, was not bona fide to extend the benefit of Explanation-1 to section 271(1)(c) to the assessee - against assessee.
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