Concessional penalty for search-disclosed unreconciled jewellery applies where substantive disclosure conditions are met despite omission from origina...
ITAT allowed the appeal and set aside penalties. The Tribunal held that the assessee's claim for deduction under s.80P(2)(d) (interest from non-co-operative entities) did not ipso facto constitute furnishing of inaccurate particulars and, in any event, the assessee discharged the burden under s.273B by establishing a reasonable and bona fide belief that the deduction was allowable; accordingly penalty under s.271(1)(c) could not be sustained. The Tribunal further held that, even if contested, the assessee was entitled to relief under s.80P(2)(a)(i), and therefore merited benefit of s.270A(6)(a); penalty under s.270A was accordingly negated.
ITAT allowed the appeal and set aside penalties. The Tribunal held that the assessee's claim for deduction under s.80P(2)(d) (interest from non-co-operative entities) did not ipso facto constitute furnishing of inaccurate particulars and, in any event, the assessee discharged the burden under s.273B by establishing a reasonable and bona fide belief that the deduction was allowable; accordingly penalty under s.271(1)(c) could not be sustained. The Tribunal further held that, even if contested, the assessee was entitled to relief under s.80P(2)(a)(i), and therefore merited benefit of s.270A(6)(a); penalty under s.270A was accordingly negated.
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