2016 (10) TMI 1117

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....For the Respondent : Mr. Kamal Sawhney, Advocate along with Mr. Shekhar Garg, Advocate ORDER The issue urged as a question of law by the revenue in its appeal under Section 260A of the Income Tax Act, 1961 is "Whether in the circumstance of the case, the respondent/assessee could be said to have furnished inaccurate particulars so as to fall in the ambit of Section 271(1)(c) of the Income Ta....

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....imposition of penalty was warranted. Emphasising that the findings of the AO were concurred with and affirmed by the CIT(A), the revenue argues that the ITAT should not have disturbed those findings which were factual. This court notices that the circumstances of the case are peculiar in that the assessee provides the income downwards after receipt of scrutiny notice. It also offered an explanatio....

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....assessee has filed revised return when the assessee company itself came to the knowledge that there was an error in its return for A.Y. 2003-04. The fact that company has at no stage hidden or intentionally acted which shows that they have deliberately filed the inaccurate, inadequate returns u/s 271(1) (c ). If there is any inaccurate particulars of income furnished with intention then that has t....