Delhi HC upholds concealment penalty, Voluntary disclosure not 'bonafide' explanation

Jan 22,2013

Delhi HC reverses ITAT ruling, upholds concealment penalty u/s 271(1)(c); Refuses 'bonafide explanation' claim under Explanation 1 to Sec 271(1)(c); ITAT ruling deleted penalty on the grounds that assessee voluntarily accepted and paid tax during assessment proceedings; Voluntary disclosure neither good enough nor a bonafide explanation to claim relief from concealment penalty 

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