https://www.taxtmi.com/caselaws?id=340397 Penalty under section 271(1)(c) was sustained where the assessee debited foreign exchange loss to non-tonnage income and later claimed a mistake only after notices under sections 142(1) and 143(2) were issued. The authorities found that the loss had been wrongly booked to reduce taxable income and that the explanation was unsatisfactory. The HC treated the disclosure as non-voluntary, held that the assessee could not rely on authority dealing with a genuine computation error, and accepted the concurrent factual findings as neither perverse nor arbitrary. The penalty was therefore correctly upheld. en-us Thu, 09 Mar 2017 00:00:00 +0530 Sat, 13 May 2017 11:44:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=340397 Penalty under section 271(1)(c) was sustained where the assessee debited foreign exchange loss to non-tonnage income and later claimed a mistake only after notices under sections 142(1) and 143(2) were issued. The authorities found that the loss had been wrongly booked to reduce taxable income and that the explanation was unsatisfactory. The HC treated the disclosure as non-voluntary, held that the assessee could not rely on authority dealing with a genuine computation error, and accepted the concurrent factual findings as neither perverse nor arbitrary. The penalty was therefore correctly upheld. Case-Laws Income Tax Thu, 09 Mar 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=340397