Dismissing the appeal of the revenue , the Court held that when the donation was made the assesse believed that the Indian Medical Scientific Research Foundation was genuine , however after conclusion of enquiry by CBI it was found that the institution was bogus . The Assessee with draw the claim in the revised return filed in pursuance of notice u/s 148, as there was complete disclosure on the part of the assesse, deletion of penalty was held to be justified .( AY. 2004 -05)
CIT v. Man Industries Ltd ( 2018) 164 DTR 165 ( Bom) ( HC)
S. 271(1)(c) : Penalty – Concealment -Donation-Withdrawal of claim on alleged bogus donation and filing the revised return disclosing the alleged bogus donation- Deletion of penalty was held to be valid .[ S. 35(1)143(3) , 148 ]