Penalty u/s 271(1)(c) leviable as incomes not offered to tax with intention to evade tax

Sabara Impex Ltd Vs ITO (ITAT Mumbai) ITAT Mumbai held that penalty under section 271(1)(c) of the Income Tax Act is leviable as incomes were not offered to taxation with a dishonest intention to conceal the income and evade tax. Facts- A survey was conducted by DDIT in the case of M/s Geekay Exim India Ltd. During the course of the survey, it was found that various concerns of the group were engaged in fictitious trading of pharmaceutical goods without actual delivery. A statement u/s 131 was recorded of Shri Rais Ahmed, director of M/s Geekay Exim India Ltd. Shri Rais Ahmed is also a directo...