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2016 (9) TMI 332 - DELHI HIGH COURT

2016 (9) TMI 332 - DELHI HIGH COURT - TMI - Penalty u/s 271(1)(c) - Held that:- The assessee did not disclose the details of the creditors nor their list but merely claimed them in the return. Upon the assessment being picked up in scrutiny for further enquiry, the assessee came out with the details and surrendered the income for taxation. - In the circumstances, we are of the opinion that there is no infirmity with the order of the ITAT. The question of law is answered against the assessee/ .....

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return on 29.10.1993 disclosing a total income of ₹ 82,610/-. The Assessing Officer (AO) took up the case for scrutiny and in the course of proceedings noted that the balance sheet showed the sundry creditors to the extent of ₹ 8,36,033.64. The assessee submitted a list of 64 creditors. In respect of few, the confirmations were filed and the enquiries were made as to the genuineness of such creditors; an Inspector visited their premises, besides notices which were issued under Secti .....

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al was accepted by the Commissioner of Income Tax (Appeals) on the ground that the omission to disclose particulars was not wilful. The Income Tax Appellate Tribunal (ITAT) in its impugned order reversed the appellate Commissioner s decision. Learned counsel urges on behalf of the assessee/appellant that not furnishing particulars and materials was partly inadvertent and partly on account of the very nature of the trade. When called upon to do so, the assessee did and even surrendered the income .....

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danan v. Commissioner of Income Tax, 251 ITR 99. After revisiting the entire law on the subject including the decision which pointedly stated that where the assessee surrenders income during the course of proceedings, what ought to be the approach of the AO in Mak Data (supra), it was held as follows: - We are of the view that the surrender of income in this case is not voluntary in the sense that the offer of surrender was made in view of detection made by the AO in the search conducted in the .....

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