Penalty leviable on Income disclosed voluntarily when Assessee had no explanation to offer

Varshney Bhandu Foods Pvt. Ltd. Vs DCIT (ITAT Delhi)

In this case, the assessment was reopened on the basis of information obtained through investigation by the Investigation Wing. During the course of re-assessment proceedings, the assessee could not furnish documentary evidences in support of the genuineness of its claim of having received the impugned money. It is also undisputed that the assessee’s name appeared in the list of beneficiaries of the alleged bogus accommodation entries provided by Shri As

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