No Penalty on Income bonafidely disclosed during Scrutiny

  In the present case, the assessee has disclosed all the particulars before completion of the assessment u/s 143(3), though the details were filed in the scrutiny proceeding. Further, scrutiny assessment proceedings have taken for AY 2011 -12, but, the assessee has disclosed all the details in respect of 2008-09, 2009-10 and 2010- 11 also. Therefore, the attempt made by the assessee to disclose the particulars of income shows the bonafides of assessee. In the present case, the assessee has discharged the burden by giving detailed explanation before the AO. The AO simply rejected the expl...