Concessional penalty for search-disclosed unreconciled jewellery applies where substantive disclosure conditions are met despite omission from origina...
Penalty u/s 271(1)(c) - Bogus purchases - The assessee has only filed the copy of the ledger of the purchases from one-party. But the assessee failed to file the copies of the bill/invoices for the freight charges, octroi details of the vehicles used in the transportation of the goods. Thus it is clear that the assessee failed to discharge the onus cast upon it under the provisions of law. - the assessee cannot be escaped from the penalty provisions in a situation where the income was determined on estimated basis - AT
Penalty u/s 271(1)(c) - Bogus purchases - The assessee has only filed the copy of the ledger of the purchases from one-party. But the assessee failed to file the copies of the bill/invoices for the freight charges, octroi details of the vehicles used in the transportation of the goods. Thus it is clear that the assessee failed to discharge the onus cast upon it under the provisions of law. - the assessee cannot be escaped from the penalty provisions in a situation where the income was determined on estimated basis - AT
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