Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2013 (6) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2013 (6) TMI 553 - AT - Income TaxPenalty u/s 271(1)(c) - furnishing of inaccurate particulars of income - Held that:- Why the assessee paid to the Swiss Consultancy and M/s. Premium Investments and what are the business or professional or research services rendered by them to become entitled for the impugned payments. The assessee is under the obligation to explain. For the said failure only, the Tribunal confirmed the additions in quantum proceedings. It is the finding of fact that the transaction in question constitutes 'sham transaction'. In effect, the above details supports the allegation of the AO that the assessee has deflated the income by debiting the impugned claims. Further, the discrepancies between the sundry debtors' account of the assessee qua the Swiss Consultancy are beyond the reconciliation. Assessee's request for one more opportunity at this point of time cannot be seen as a genuine attempt for reconciliation in view of the principle of limitations. Thus considering the overall factual matrix of the case ie discrepancies in the books of account, absence of reliable research reports, lack of original bills, the facts brought in by the Tribunal it is a case of issue of accommodation bills etc, penalty confirmed by the CIT (A) does not call for any interference. Against assessee.
|