2024 (2) TMI 115

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.... Mr. Ajay Singh. P.C. : 1. The following substantial question of law is proposed: "Whether on the facts and circumstances and in law, the Hon'ble ITAT erred in appreciating the fact that the error on the part of the assessee was detected during the course of assessment proceeding u/s. 143(3) of the Act on scrutiny by the AO, failing which the error would not had surfaced and the....

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....ssee. During the scrutiny assessment u/s. 143(3) which was completed on 28th February 2013 a loss of Rs. 1,81,57,433/- was determined. 3. Subsequently, penalty proceeding were initiated and notice was issued u/s. 274 r.w.s 271 of the Act for concealing/ furnishing Inaccurate particulars of income. Assessee responded to the notice and the stand of assessee was that while filing the return electr....

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.... in filing the return, even the loss could not be carried forward. Therefore, the mistake was not intentional or delieberate and the penalty proceedings be dropped. 4. Mr. Sharma pointed out that the Commissioner of Income Tax (Appeals) (CIT(A)), has made a factual finding that the tax audit report was not filed. In our view, there is an error in such a finding because the AO has accepted that ....

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....hing any inaccurate particulars or concealment of income as the facts undoubtedly suggest so. In a case that was before the Apex Court in the matter of Price Waterhouse Coopers Pvt Ltd. Vs. Commissioner of Income Tax & Anr (2012) 348 ITR 306 (SC)  the Apex Court set aside the penalty proceedings in view of the findings of fact that the tax audit report was filed a/w return which would indicat....