2016 (10) TMI 1117

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..... ey, Advocate along with Mr. Shekhar Garg, Advocate ORDER The issue urged as a question of law by the revenue in its appeal under Section 260A of the Income Tax Act, 1961 is "Whether in the circumstance of the case, the respondent/assessee could be said to have furnished inaccurate particulars so as to fall in the ambit of Section 271(1)(c) of the Income Tax Act. The assessee had for AY 2003-2004 .....

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..... sising that the findings of the AO were concurred with and affirmed by the CIT(A), the revenue argues that the ITAT should not have disturbed those findings which were factual. This court notices that the circumstances of the case are peculiar in that the assessee provides the income downwards after receipt of scrutiny notice. It also offered an explanation as to the unavailability of material to .....

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..... ee company itself came to the knowledge that there was an error in its return for A.Y. 2003-04. The fact that company has at no stage hidden or intentionally acted which shows that they have deliberately filed the inaccurate, inadequate returns u/s 271(1) (c ). If there is any inaccurate particulars of income furnished with intention then that has to be penalized but in present case, there was no .....

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