Court Reviews Penalty for Incorrect Tax Loss Reporting; No Evidence of Income Concealment Found u/ss 276(c)(1) & 277.

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....Offence u/s 276(c)(1) and 277 - petitioner filed incorrect Income Tax Returns declining loss of business - The petitioner paid the penalty as early as on 23.04.2014. Three years thereafter, show cause notices were issued to the petitioner. In these cases, the entire payments paid by the petitioner and there is no intention to evade payment. The Assessment Orders shows that only penalty was levied for wrong calculation of loss and no concealment of income, penalty paid in the year 2014. In this case, there is no material to show that there was any deliberate and conscious evasion of tax on the part of the petitioner. - HC....