2012 (5) TMI 188

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....wal   The present appeal has been filed against the judgment and order dated 18.5.2011 passed by the Income Tax Appellate Tribunal in ITA No.272/Alld/10 connected with C.O No.47/Alld/10 relating to the assessment year 2004-2005.   In the memo of appeal, the following substantial questions of law have been framed:   (1) " Whether on the facts and in the circumstances of the ....

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....ity on the assessee for concealment or for giving inaccurate particulars while filing the return?"   The assessing officer levied a penalty of 1,45,00,000/- under section 271(1)(c) of Income Tax Tax Act on the ground that the assessee has furnished inaccurate particulars of the income. It appears that during the assessment proceeding, it was found that the assessee has carried forward busi....

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....nted out, the figures were revised. It was further found that Schedule 6 was carried forward of losses and depreciation was revised by the Auditors.   The matter was carried further in appeal before the Tribunal by the Department. The Tribunal by the order under appeal has confirmed the deletion of the penalty. Shri Dhananjay Awasthi, learned counsel for the Department submits that the rea....

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....re available with the Department. The mistake was committed by the Auditor while preparing Schedule 6 and as soon as the mistake was detected, during the course of the assessment proceeding, the mistake was rectified.   Considered the respective submissions of the learned counsel for the parties and perused the record.   The Tribunal has examined the matter in depth and has come to....