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2014 (10) TMI 220 - ITAT MUMBAIPenalty u/s 271(1)(c) – Voluntary disclosure or not - Concealment of income and inaccurate particulars furnished – Held that:- the assessee had shown trade liabilities in the balance sheet, that the AO had directed the assessee to produce the parties in whose names liabilities were shown outstanding, that on seven occasions the assessee had made submission before the AO between 12. 02. 2008 to 28. 08. 2008, that on 15. 10. 2008 it surrendered ₹ 52 lakhs, that before that the AO had issued commission to one of the officers of Bareli to make inquiries about some of the suppliers, that the AO levied penalty after invoking the provisions of Expl. 1 B to section 271(1)(c) of the Act and the FAA had confirmed the penalty. Voluntary disclosure does not release the assessee from the mischief of penal proceedings. The law does not provide that when an assessee makes a voluntary disclosure of his concealed income, he has to be absolved from penalty. The Assessing Officer should not be carried away by the plea of the assessee such as "voluntary disclosure", "buy peace", "avoid litigation", "amicable settlement", to explain away its conduct. The assessee has not produced cogent and reliable evidences, as desired by the Hon’ble Apex court in the case of Mak Data [2013 (11) TMI 14 - SUPREME COURT], to explain the difference about the trade liability that were part of his books of accounts - penalty confirmed - Decided against assessee.
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