2016 (1) TMI 319

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..... particulars. It does not mean that assessee has concealed the particulars of his income. Further, we find that the assessee had given an explanation on the additions and deductions sought, which were found to be genuine and bonafide. Such appreciation of the assessee's statement makes it apparently clear that there had been no occasion for the assessing officer to impose penalty. - Decided in fav .....

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..... ngly imposed a penalty to the tune of ₹ 40 lacs. The assessee filed an appeal, which was allowed and the order of penalty was set-aside holding that the assessee had given a valid satisfactory explanation and stand of the assessee was bonafide and therefore, no penalty could be imposed. The order of CIT appeal was confirmed in the appeal by the tribunal. The tribunal, being aggrieved, has fi .....

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..... uine and bonafide. Such appreciation of the assessee's statement makes it apparently clear that there had been no occasion for the assessing officer to impose penalty. In view of the aforesaid, we do not find any manifest error in the order passed by the tribunal. No substantial question of law arises for consideration. The appeal is, accordingly, dismissed. - - TaxTMI - TMITax - In .....

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