TMI Blog2024 (2) TMI 115X X X X Extracts X X X X X X X X Extracts X X X X ..... , who since left the company and migrated to United Kingdom, who made an inadvertent error of not considering the disallowances which were mentioned in the tax audit report while uploading the return of income HELD THAT:- ITAT in its order pronounced [ 2017 (3) TMI 1940 - ITAT MUMBAI] as impugned in this appeal, has come to a factual finding that there is no intention on the part of assessee to conceal the income or furnish inaccurate particulars of income. It has also accepted the explanation that the CFO was entrusted with the filing of return and the CFO made a mistake in not properly uploading the return by filling up the return with the disallowances which were already reported by the auditors in the tax audit report. ITAT has c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ruary 2012 for A.Y.-2010-2011 declaring loss of Rs. 16,10,43,542/- During the course of assessment, the Assessing Officer (AO) observed that certain expenses which were not allowable expenses under the Act were not added back to the total income in the computation of income to the tune of Rs. 13,11,45,849/-. The AO also observed that disallowance of such expenses has been mentioned by the auditors in the tax audit report dated 2nd May 2012 furnished by assessee. The AO, therefore, disallowed the said expenses of Rs. 13,11,45,849/- and added the same back to the total income of the assessee. During the scrutiny assessment u/s. 143(3) which was completed on 28th February 2013 a loss of Rs. 1,81,57,433/- was determined. 3. Subsequently, pen ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... al in the facts of the case narrated, it is admitted in paragraph 3.1 that the tax audit report dated 2nd May 2012 was furnished by assesee. 5. Be that as it may, the ITAT in its order pronounced on 31st March 2017, as impugned in this appeal, has come to a factual finding that there is no intention on the part of assessee to conceal the income or furnish inaccurate particulars of income. It has also accepted the explanation that the CFO was entrusted with the filing of return and the CFO made a mistake in not properly uploading the return by filling up the return with the disallowances which were already reported by the auditors in the tax audit report. The ITAT has come to a factual finding that there was no intention of furnishing any ..... X X X X Extracts X X X X X X X X Extracts X X X X
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