Human probability/tendency of non-cooperation by parties after business transaction is over, is required to be considered while deciding bona fide aspect of assessee in penalty matter under section 271(1)(c)

CASE LAWS DETAILS DECIDED BY: ITAT, MUMBAI `B’ BENCH MUMBAI , IN THE CASE OF: Chem pure Vs. ITO, APPEAL NO: ITA Nos. 451 to 453/M/2006, DECIDED ON May 7, 2010 4. RELEVANT EXTRACTS: 13. A conspectus of the Explanation makes it clear that the statute visualized the assessment proceedings and penalty proceedings to be wholly distinct and independent of each other. In essence, the Explanation is a rule of evidence. Presumptions which are rebuttable in nature are available to be drawn. The initial burden of discharging the onus of rebuttal is on the assessee. The rationale behind this view is...