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Case Law Details

Case Name : Prakash Mithalal Oswal Vs ITO (ITAT Pune)
Related Assessment Year : 2013-14
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Prakash Mithalal Oswal Vs ITO (ITAT Pune)

It is found that the reported income and the assessed income of the assessee remain same except for minor disallowance of expenses. The AO has imposed penalty only with reference to the amount of Rs.50.00 lakh and odd which was suo motu declared by the assessee in the return. In this case income under consideration forming the foundation for the penalty is not the one which was added by the AO beyond the income returned.

In view of the fact that the assessee voluntar

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