Mere disclosure of any income or loss without disclosing particulars of income or loss cannot be said to be a full and true disclosure of facts for determining total income under IT Act

ITAT DELHI BENCH `G’: NEW DELHI, Survidhi Financial Services Ltd. Vs. ACIT, APPEAL NO: ITA No. 12/Del of 2010, DECIDED ON May 26, 2010 ORDER PER C.L. SETHI The assessee is in appeal against the order dated 25.9.2009 passed by the learned CIT(A) confirming the penalty amounting to Rs. 10,820/- levied u/s 271(1 )(c ) of the Income-tax Act, 1961 (the Act) pertaining to Asstt. Year 2004-05. 2. The main grievance of the assessee is that the CIT(A) has erred, on law and on facts, in not deleting the penalty imposed u/s 271(l)(c) by the AO in respect of the addition of Rs.30,15...