2015 (7) TMI 940

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....s. 271(1)(c) of the I.T. Act where the assessee has willfully treated his income in such a manner that lead to loss of revenue and tantamount of furnishing the inaccurate particulars.             2. In stating that Explanation 1 of section 271(1)(c) of the I.T. Act is squarely not covered whereas it is squarely covered.           3. Not considering the fact that the assessee has shown its different head of income to avoid th tax liability.           4. The appellant craves the right to add, alter or amend any ground of appeal." 2. The facts narrated by the revenue authorities are not di....

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.... High Court of Delhi in ITA No. 485/2012 in the case of Radials International vs. ACIT, in the quantum appeal of assessee's own case wherein the Hon'ble High Court has held as under:-             "This Court is thus of the opinion that the Ld. ITAT erred in holding the transactions to be income from business and profession. The order of the ITAT is consequently set aside and the appeal is answered in favor of the assessee." 6. Ld. DR relied upon the order of the AO and reiterated the grounds of appeal raised by the Revenue in its present appeal. 7. We have heard both the parties, perused and considered the relevant records available with us, specially the orders of the Revenue ....

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....y is also leviable u/s. 271(1)(c) of the I.T. Act. Reliance in this regard is placed on the decision of the Hon'ble Supreme Court in the case of UOI vs. Dharmendra Textile Processors reported in 306 ITR 277 wherein it has been held that:-              "Merely because the addition is confirmed does not ipso facto attract the penalty provision. In the penalty proceedings, the whole matter has to be seen in a different perspective irrespective of the fact that the addition has been confirmed by Higher Authorities."             5.11 In the entirety of the facts and circumstances and for the cumulative reasons stated above, I ....