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2016 (12) TMI 355 - BOMBAY HIGH COURT

2016 (12) TMI 355 - BOMBAY HIGH COURT - TMI - Levy of penalty under Section 271(1)(c) - whether this was a case of bonafide mistake and not a case of conscious concealment or furnishing of inaccurate particulars? - Held that:- This is not a case where the Assessee has made full and complete disclosure of all facts and its claim on facts as disclosed has not been accepted. This is a case where the Assessee has filed inaccurate particulars of income which led to concealment of income chargeable to .....

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he Supreme Court in Union of India and Others Vs. Dharmendra Textile Processors and Others [2008 (9) TMI 52 - SUPREME COURT] has held that Section 271(1)(c) of the Act indicate an element of strict liability on the assessee for concealment or filing inaccurate income. - Wilful concealment is not an essential ingredient for attracting civil liability of penalty as is the case in prosecution under Section 276C of the Act. The Court held that penalty under Section 271(1)(c) of the Act is in th .....

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016 - M. S. Sanklecha And A. K. Menon, JJ. Mr. Ravi Rattesar i/b D.M. Harish & Co. for the appellant Mr. P.C. Chhotaray for the respondent ORDER P. C. 1. This Appeal under Section 260A of the Income Tax Act, 1961 (the Act) challenges the order dated 20th November, 2013 passed by the Income Tax Appellate Tribunal (the Tribunal). The impugned order is in respect of Assessment Year 2004-05. 2. This appeal raises the following question of law for our consideration : (i) Whether on facts and circ .....

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ent under Section 143(3) of the Act, assessing the appellant to total income of ₹ 5.65 crores. Subsequently, on 25th March, 2009 the assessment for the subject assessment year was reopened on the ground that income chargeable to tax has escaped assessment. In the assessment order passed under Section 143(3) read with 147 of the Act in reassessment proceedings, the total income of the Appellant - Assessee was determined at ₹ 5.99 crores. This by making an addition of ₹ 34 lakhs .....

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on 271(1)(c) of the Act. 4. The Appellant - Assessee accepted the order of assessment passed on issue of reassessment notice under Section 147 of the Act. However, in the penalty proceedings, the Appellant contended that not adding the amount of ₹ 34 lakhs to the value of its closing stock was on account of a mistake. It was contended that it had no intention to conceal income. The Assessing Officer did not accept the Appellant - Assessee's explanation and held that non adding of ͅ .....

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By an order dated 3rd December, 2011 the CIT(A) dismissed the Appellant - Assessee's appeal holding that it had furnished inaccurate particulars of the income and consequently penalty was correctly imposed by the Assessing Officer. 6. On further appeal the Tribunal by the impugned order dismissed the Assessee's Appeal holding that it had furnished inaccurate particulars of its income by not adding an amount of ₹ 34 lakhs as part of the value of its closing stock when the same had b .....

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la High Court the Commissioner of Income Tax vs. India Sea Foods 218 ITR Page 629 which holds that no penalty can be imposed in the absence of conscious concealment. 8. We find that all three authorities under the Act have on consideration of facts concluded that penalty under Section 271(1)(c) of the Act is imposable as the appellant had filed inaccurate particulars of its income which led to concealment of income which was chargeable to tax. This is not a case where the Assessee has made full .....

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