Non or Inaccurate Submission of Assets bills makes Assessee liable to penalty u/s. 271(1)(c)

IN THE ITAT MUMBAI BENCH ‘C’ Clariant Chemicals India Ltd. v/s. Assistant Commissioner of Income-tax, 1(1) IT APPEAL NO. 7184 (MUM.) OF 2010 [ASSESSMENT YEAR 2003-04] MAY 18, 2012 ORDER Rajendra, Accountant Member – Following Grounds of Appeal were filed by the appellant in the appeal preferred against the Order dt. 31-05-2010 of the CIT(A), Mumbai. “On the facts and circumstances of the appellant’s case and in law, the learned Commissioner of Income Tax (Appeals) has erred in confirming penalty u/s. 271(1)(c) in respect of :  (i)  Addition u/s....