TaxTMI 
TaxTMI 
2016 (6) TMI 209
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....ER Per G. S. Pannu, AM The captioned appeal filed by the assessee pertaining to the A.Y. 2009-10 is directed against an order passed by Ld. CIT(A)-17, Mumbai dated 29.04.2013, which in turn arises out of an order passed by Assessing Officer under section 271(1)(c) of the Income Tax Act, 1961 ( in short 'the Act') dated 25.05.2012. 2. In this appeal, the solitary grievance of the assessee is aga....
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....ubsequently, the Assessing Officer held the assessee guilty under section 271(1)(c) of the Act on the aforesaid disallowance on the ground that it represented concealment or furnishing of inaccurate particulars of income within the meaning section 271(1)(c) of the Act. Accordingly, a penalty of Rs. 4,23,449/- being 100% of tax sought to be evaded on such income was imposed under section 271(1)(c) ....
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....1 notified under the Companies(Accounting Standard) Rules 2006. However, while computing total income for the income tax purposes, the assessee company disallowed a sum of Rs. 1,62,12,047/-, but inadvertently failed to disallow a sum of Rs. 13,70,387/- being the exchange rate difference on repayment of foreign currency Term loan. Ld. Representative for the assessee pointed out that there was no ma....
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....ade in the return of income, which increased the loss to Rs. 23,19,146/-, as against the correct loss of Rs. 10,06,419/- and thus, the aforesaid disallowance justified the levy of penalty under section 271(1)(c) of the Act. 6. We have carefully considered the rival submissions. Ostensibly, in all cases where there is a difference between the reported and the assessed income, penalty under section....