2013 (11) TMI 973

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....of law : (A) Whether on the facts and in the circumstances of the case, the Income Tax Appellate Tribunal was right in law in confirming the penalty of Rs.3,91,041/- levied u/s. 271(1)(c) of the Income Tax Act? (B) Whether on the facts and in the circumstances of the case, Income Tax Appellate Tribunal could have reached to the conclusion that the appellant had furnished inaccurate particulars of income merely because any certificate or affidavit from the Tax Consultant was not placed on record? 2.00. That the assessee filed return of income for the AY 2008-09. Subsequently, assessment under section 143(3) of the Income Tax Act was made, thereby disallowance of set off of carry forward business loss of Rs.11,50,459/- was made by th....

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....tant, to substantiate his case that there was bonafide mistake on the part of the Tax Consultant. Being aggrieved by and dissatisfied with the Judgement and Order passed by the ITAT, the assessee has preferred the present Tax Appeal with the aforesaid proposed substantial question of law. 3.00. Heard Mr.Divatia, learned counsel appearing on behalf of the appellant and Mr.Manish Bhatt, learned counsel appearing on behalf of the respondent - revenue. 4.00. Before us, the assessee has placed on record Affidavit of one Mr.Vinod H. Desai, practicing Chartered Accountant submitting that it was his bonafide mistake of claiming the set off of carry forward business loss made against the income from other source during the year under considera....

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....ome from other source during the year under consideration, which was not admissible and therefore, immediately when it was brought to the notice of the assessee, a revised working of the total income was furnished. However, in absence of any supporting Affidavit of the Chartered Accountant that it was his bonafide mistake, both the learned CIT(A) as well as ITAT have not considered the aforesaid submission. 8.00. Now, the assessee has placed on record Affidavit of the Chartered Accountant submitting that it was his bonafide mistake. It is true that the Affidavit of the Chartered Accountant, which is now relied upon, was never before the learned ITAT. Under the circumstances, Mr.Bhatt, learned counsel appearing on behalf of the revenue is....