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2016 (7) TMI 1348 - GUJARAT HIGH COURTPenalty under section 271(1)(c) - ingenue purchases - revised return for all three assessment years disclosing additional income in relation to purchases made from certain parties - proof of inaccurate particulars - wilful concealment - Held that:- In the facts of the case, it emerges that the declaration was made by the assessee under the advice of the chartered accountant and subsequently, the same was rectified. Therefore, there was no intention on the part of the assessee to commit any wilful concealment. Considering the ratio laid down in the above decision of CIT v. Reliance Petroproducts Private Limited (2010 (3) TMI 80 - SUPREME COURT) wherein held a mere making of a claim, which is not sustainable in law, by itself, will not amount to furnishing inaccurate particulars - Decided in favour of the assessee and against the Department
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