2015 (4) TMI 1184

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..... respondent. Penalty for disclosure of additional income of Rs. 1,40,00,000/has been set aside by Income Tax Appellate Tribunal (ITAT). The perusal of the impugned order of ITAT dated 30.11.2012 for the Assessment Year 200708 shows a statement by assessee on 23.09.2006 which disputes addition but then spells out intention to buy peace of mind. The return was thereafter filed on 14.11.2007 and in .....

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..... disregarding the fact that unaccounted closing stock of Rs. 1,40,00,000/was found during survey?" Shri Bhattad, learned counsel waives notice for the assessee. The assessee has filed Civil Application (CAT) No. 5 of 2015 for taking additional facts on record. The appellant department is free to file reply thereto, if any. The application shall be considered at the time of final hearing.
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