Penalty imposed on Assessee based on his own admission cannot be deleted on the basis of a plea which is merely an afterthought

HIGH COURT OF BOMBAY Laxmichand Jagshi Vora versus Commissioner of Income-tax WRIT PETITION NO. 1399 OF 2012 OCTOBER  29, 2012 JUDGMENT J.P. Devadhar, J. The petitioner is aggrieved by the order passed by the CIT on 28.02.2012 under Section 264 of the Income Tax Act, 1961 (for the short ‘Act’) whereby the revision application filed in connection with an addition made in the assessment order under Section 143(3) dated 27.12.2010 has been rejected. 2. The assessment year involved herein is A.Y. 2008-2009. 3. For the assessment year in question, the return of income...