2016 (4) TMI 1152 - SCH - Income Tax

Levy of penalty as per Explanation-I Section 271(1)(c) - Company has gone into liquidation and the Official Liquidator has been appointed - Whether the assessee has been able to show that his conduct was bona fide Held that - HC order confirmed - 2014 (12) TMI 481 - DELHI HIGH COURT The contention of the assessee cannot be accepted that all claims howsoever untenable once certified by a Chartered Accountant or the Directors of the company cannot be made a subject matter of penalty proceedings - most of the income tax returns are accepted without scrutiny or regular assessment and self-compliance of tax provisions - the assessee had not filed revised return voluntarily but had filed the revised return after the AO confronted the assessee and they were asked to explain how and why loss on account of sale of fixed assets was claimed in the profit and loss account the levy of penalty is upheld u/s 271(1)(c) Decided against assessee.