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2016 (11) TMI 722 - CALCUTTA HIGH COURT

2016 (11) TMI 722 - CALCUTTA HIGH COURT - [2016] 386 ITR 448 - Penalty under section 271(1)(c) - AO was of the opinion that the expenditure should be allowable over a period of five years which is also the period during which the mining is to be conducted - Held that:- Disclosure and concealment cannot co-exist. When a finding is recorded that disclosure was indeed made then the conclusion as regards concealment is bad. Furthermore, it cannot also be said that the assessee had furnished inaccura .....

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n favour of assessee - I. T. A. No. 10 of 2010 - Dated:- 27-7-2016 - Girish Chandra Gupta And Arindam Sinha, JJ. For the Appellant : P. Dhudhoria, Advocate For the Respondent : J. P. Khaitan, Senior Advocate, and P. Jhunjhunwala, Advocate JUDGMENT 1. The appeal is directed against the judgment and order dated August 17, 2009 passed by the learned Income-tax Appellate Tribunal, "B" Bench, Kolkata in I. T. A. No. 2134(Kol) of 2008 pertaining to the assessment year 2005-06 by which the le .....

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inaccurate particulars of income warranting imposition of penalty under section 271(1)(c) of the Income-tax Act, 1961 ?" 2. After hearing the learned advocates for the parties, it is amply clear that the assessee did not accept the disallowance. As a matter of fact, there was no disallowance as such. The assessee had paid ₹ 2.75 crores approximately on account of compensation for mining ores for a period of five years which he claimed as a revenue expenditure. The Assessing Officer w .....

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