TaxTMI 
TaxTMI 
2016 (9) TMI 332
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....r. Standing Counsel ORDER The question of law framed in this case was as to the correctness of the penalty of Rs. 1,41,290/- imposed upon the assessee. The brief facts are that the assessee had for AY 1993-94 filed the return on 29.10.1993 disclosing a total income of Rs. 82,610/-. The Assessing Officer (AO) took up the case for scrutiny and in the course of proceedings noted that the balance s....
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....ee's appeal was accepted by the Commissioner of Income Tax (Appeals) on the ground that the omission to disclose particulars was not wilful. The Income Tax Appellate Tribunal (ITAT) in its impugned order reversed the appellate Commissioner's decision. Learned counsel urges on behalf of the assessee/appellant that not furnishing particulars and materials was partly inadvertent and partly on accoun....
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.... the course of proceedings, what ought to be the approach of the AO in Mak Data (supra), it was held as follows: - "We are of the view that the surrender of income in this case is not voluntary in the sense that the offer of surrender was made in view of detection made by the AO in the search conducted in the sister concern of the Assessee. In that situation, it cannot be said that the surrender....
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....t is clear that the Assessee had no intention to declare its true income. It is the statutory duty of the Assessee to record all its transactions in the books of account, to explain the source of payments made by it and to declare its true income in the return of income filed by it from year to year. The AO, in our view, has recorded a categorical finding that he was satisfied that the Assessee ha....