THE COMMISSIONER OF INCOME TAX GULBARGA vs. M/S MANJUNATHA COTTON AND GINNING FACTORY

The appeals are dismissed

Bench: ARAVIND KUMAR,N.KUMAR

2) If no explanation is offered, levy of penalty may justified. (3) If explanation is offered, but is found to be false, penalty will be exigible. (4) If explanation is offered and it is not found to be false, penalty may not be leviable, - (a) such explanation is bona fide. (b) the assessee had made available to the Assessing Officer

M/S PROCESS PUMPS (I) PVT LTD vs. UNION OF INDIA

Bench: The Hon’Ble Mr.Justice Aravind Kumar