TMI Blog2020 (9) TMI 971X X X X Extracts X X X X X X X X Extracts X X X X ..... o a conclusion that the CIT(A) was right in deleting the penalty. With regard to the non-inclusion of ₹ 22 lakhs in the closing stock, the Tribunal remanded the matter to the Assessing Officer for proper verification and fresh adjudication as per law. Thus, taking into consideration that the entire issue before us is factual, we decline to exercise our jurisdiction under Section 260-A of the Act, as we are not expected to examine the correctness of the order of the Tribunal, as being a third Appellate Authority. No substantial question of law. - T.C.A.No.856 of 2019 - - - Dated:- 9-9-2020 - HONOURABLE MR. JUSTICE T.S. SIVAGNANAM AND HONOURABLE MRS. JUSTICE V. BHAVANI SUBBAROYAN For Appellant : Ms. R. Hemalatha Senior Stand ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... dditions and disallowance in the accounts, which resulted in incorrect income being shown and that the assessee has furnished inaccurate particulars of income in the returns filed. 5. Mrs.R.Hemalatha, the learned Senior Standing Counsel placed reliance on the decision of the Hon'ble Supreme in Mak Data P. Ltd., Vs. Commissioner of Income Tax-II reported in [2013 38 taxmann.com 448(SC)] and it is submitted that in cases where the assessee makes a voluntary disclosure to buy peace with the department and to avoid litigation and to bring about amicable settlement, cannot be a fact to release the assessee from the mischief of penalty proceedings under Section 271(1)(c) of the Act. Reliance was also placed on the decision of this Cour ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... or an order imposing penalty for failure to carry out a statutory obligation is the result of quasi-criminal proceedings and the penalty will not ordinarily be imposed, unless the party obliged either acted deliberately in defiance of law or was guilty of conduct contumacious or dishonest, or acted in conscious disregard of its obligation. No doubt at that relevant point of time, the law on the subject was as held by the Hon'ble Supreme Court in Hindustan Steel Ltd., Vs. State of Orissa. On facts, the CIT(A) and the Tribunal held in favour of the assessee by examining his conduct. The assessment was under Section 143(3) of the Act. The Tribunal, on facts, found that the assessee during the course of assessment proceedings, brought t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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