9911796707
TMI Blog2010 (9) TMI 1271X X X X Extracts X X X X X X X X Extracts X X X X ..... ation of stocks (₹ 10,108) and disallowance of sales tax etc. u/s 43B (₹ 2,81,533). He failed to appreciate that all the particulars were on record with the return. 2. Briefly stated, relevant facts of the case are that the assessee filed the return of income declaring the income of ₹ 27,42,205/- and claimed the brought forward losses of ₹ 5.6 Crores ( Rounded off). Assessment was completed u/s. 143(3) determining the total income of ₹ 32,87,416/- before setting off the brought forward losses. During the scrutiny assessment, A.O. made various assessments which include (i) addition of ₹ 10,108/- on account of non-inclusion of the said amount in the closing stock and (ii) disallowance of ₹ 2,81, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hearing, the assessee was requested to furnish details of valuation of closing stock. The relevant details are brought on record. On perusal of the same it is seen that the assessee has not considered an amount of ₹ 10,108/- on account of excise duty, freight etc. in valuation of closing stock. On being asked, it is submitted that the said amount of ₹ 10,108/- on account of excise duty, freight etc has remained to be considered inadvertently and agreed for the said addition. Accordingly, the amount of ₹ 10,108/- has been added to the total income declared by the assessee on account of revised valuation of closing stock. Since the assessee company has concealed these particulars of it s income by furnishing inaccurate par ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... finalization of accounts is attributable to the clerical engaged in maintaining the accounts. But on considering the same, the CIT(A) did not find merit in the said submission for the reason that the said mistakes are related to the assessee s mistakes and in effect these mistakes has the effect of inaccuracy of particulars in the return of income. Accordingly, the CIT(A) confirmed the levy of penalty of ₹ 1,05,000/- stating that the default of non-furnishing of accurate particulars still exists despite the disclosure of information on accounts of both the counts. 5. Aggrieved with the same, the assessee filed the present appeal. Ld Counsel for the assessee basically repeated the arguments made before the revenue authorities. Ld Co ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... did not furnish any submission for the reasons best known to them only . Thus, the AO proceeded to levy penalty in the absence any explanation from the assessee. During the first appellate proceedings relating to the penalty, assessee defense relates to the disclosure of particulars in the return. Before us, Ld counsel essentially relied on the submissions made before the revenue authorities. Thus, we have to decide the issues based on the assessee s defense arguments relating to the disclosure of information in the return of income and if the particulars disclosed in the return advocates for non concealment of income. In our opinion, where there is disclosure of relevant information in the return, the concealment of income cannot be attri ..... X X X X Extracts X X X X X X X X Extracts X X X X
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