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2016 (9) TMI 859 - BOMBAY HIGH COURTPenalty u/s 271(1)(c) - addition made to the income during the Assessment proceedings - unrecorded purchase - concealment of income with regard to sales - Held that:- The fact that the Respondent Assessee had itself disclosed additional income during the course of the assessment proceedings, would not by itself lead to the conclusion of concealment of income. An admission made by a party contrary to facts on record would not estop a party, from pointing out/explaining the facts already on record in a correct although a different perspective. This is more particularly so, if the party is to be visited with an imposition of penalty. So far as intent is concerned, the same is of no consequence in interpreting a fiscal statute, while imposing a penalty for a breach of law. Penalty would visit a party, who has breached the law in fact and not on the basis of supposed intent. The last submission on behalf of the Revenue that the concealment is evident from the fact that the month wise statement of purchase and sales submitted by the Respondent Assessee indicated a negative stock. This in the present facts would be of no consequence, as the record indicates and it is not disputed by the Revenue, that there was unrecorded purchase of 4418 metric tones of goods, which would meet the shortage in stock in the month wise statement of purchase and sales of goods submitted by the Respondent Assessee. In the above view, the impugned order of the Tribunal cannot be found fault with. The finding of fact, as recorded by the Assessing Officer and CIT(A), is not disputed by the Tribunal in the impugned order. It is on consideration of these findings recorded by the lower authorities that the impugned order further takes into account only the unrecorded purchases which were ignored by the lower authorities which establishes that there is no concealment of income. - Decided in favour of assessee
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