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Commissioner of Income-Tax Versus Thakur Prasad Sao and Sons (P.) Ltd.

[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 inaccurate particulars of income. This is so becau .....

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ed:- 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 learned Tribunal dismissed an appeal preferred by the .....

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ion 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 was of the opinion that the expenditure should be all .....

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