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2001 (10) TMI 1101 - ITAT AGRA
Extract:
.......ew that no penalty under section 271(1)(c) was imposable even on the trading addition. We, therefore, hold that the Commissioner of Income-tax (Appeals) was not justified in sustaining the addition under section 271(1)(c) imposed by the Assessing Officer. We, therefore, cancel the same. In the result, the appeal directed by the assessee is allowed.