9911796707
TMI Blog2012 (5) TMI 188X X X X Extracts X X X X X X X X Extracts X X X X ..... een filed against the judgment and order dated 18.5.2011 passed by the Income Tax Appellate Tribunal in ITA No.272/Alld/10 connected with C.O No.47/Alld/10 relating to the assessment year 2004-2005. In the memo of appeal, the following substantial questions of law have been framed: (1) " Whether on the facts and in the circumstances of the case, the Tribunal is justified in law in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... iving inaccurate particulars while filing the return?" The assessing officer levied a penalty of 1,45,00,000/- under section 271(1)(c) of Income Tax Tax Act on the ground that the assessee has furnished inaccurate particulars of the income. It appears that during the assessment proceeding, it was found that the assessee has carried forward business losses of earlier year at a higher figure ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ther found that Schedule 6 was carried forward of losses and depreciation was revised by the Auditors. The matter was carried further in appeal before the Tribunal by the Department. The Tribunal by the order under appeal has confirmed the deletion of the penalty. Shri Dhananjay Awasthi, learned counsel for the Department submits that the reasons given by the appellant while imposing the p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... committed by the Auditor while preparing Schedule 6 and as soon as the mistake was detected, during the course of the assessment proceeding, the mistake was rectified. Considered the respective submissions of the learned counsel for the parties and perused the record. The Tribunal has examined the matter in depth and has come to the conclusion that it is not a case either of concea ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... dule 6 filed along with the original return. The finding that from the noting of the Assessing Officer, it is crystal clear that the mistake which was inadvertent was rectified before finalisation of assessment, is finding of fact. In this factual background, we do not find any fault with the order of the Tribunal. The findings recorded by the Tribunal are essentially findings of f ..... X X X X Extracts X X X X X X X X Extracts X X X X
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