Case Law Details
EFG Wealth Management (P) Ltd. Vs. DCIT (ITAT Mumbai)
As assessee had furnished all the details of its expenditure as well as income in its return; the same could not be viewed as furnishing of inaccurate particulars or concealment of income to attract the penalty under section 271(1)(c). It was up to the AO to accept its claim in the return or not. Further, recording of satisfaction in the assessment order about the initiation of penalty was must and in its absence, penalty was liable to be deleted.
FULL TEXT OF THE ITAT ORDER IS AS FOLLOWS:-
This appeal by assessee under section 253 of Income Tax Act is directed against the order of learned Commissioner (Appeals)-9, (Commissioner (Appeals)) Mumbai dated 06-11-2015 for assessment year 2005-06. The assessee has raised the following grounds of appeal :–
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