TMI Blog2019 (8) TMI 1633X X X X Extracts X X X X X X X X Extracts X X X X ..... 9) TMI 775 - SUPREME COURT] held that when the assessee due to bonafide and inadvertent error, the assessee while submitting its return, failed to add the provision of gratuity to its total income, the assessee should have been careful but the absence of due care in a case such as present one did not mean that assessee was guilty of either furnishing inaccurate particulars or attempting to conceal the income. - Decided in favour of assessee. - ITA No. 5857/Mum/2017 - - - Dated:- 20-8-2019 - SHRI SHAMIM YAHYA, ACCOUNTANT MEMBER AND SHRI PAWAN SINGH, JUDICIAL MEMBER For the Appellant : Shri Nitesh Joshi Vipul K Mody Advocates For the Respondent : Shri Manoj Kumar Singh Sr DR ORDER PER PAWAN SINGH, JUDICIAL MEMBER: ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... penses while passing the assessment order on 22.01.2015 under section 143(3). The AO also initiated penalty proceedings u/s 271(1)(c). Notice u/s 274 r.w.s. 271(1)(c) dated 21-01-2015 was issued to the assessee. The assessee filed its reply dated 18-07-2015. In the reply, the assessee stated that there was no mala fide intention to conceal the income or to furnish inaccurate particulars. The assessee further stated that during the assessment they have offered the alleged loss on fixed asset for addition, which has been accepted and no initiation of penalty was warranted. The reply of assessee was not accepted by AO. The AO worked out the penalty @100% of the tax sought to be evaded. The AO worked out penalty of ₹ 78,100/- vide his ord ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... submits that had the return was not taken up for scrutiny, the income of assessee would have been escaped from assessment with respect to sale of fixed assets (motor car) and prior period expenses. 5. We have considered the rival submissions of the parties and perused the material available on record. There is no dispute that during the assessment, the AO from the perusal of P L account noted that the assessee has debited an amount of ₹ 2,52,152/- under the head loss on sale of fixed asset (motor car) and prior period expenses of ₹ 600/-. There is no further dispute that assessee accepted both the additions / disallowances voluntarily during the course of assessment. It is further not in dispute that no further appeal is fil ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
