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2010 (1) TMI 664 - ITAT, MUMBAIPenalty u/s 271(1)(c) - Capital or revenue expenditure - Assessing Officer was of the view that the assessee concealed income by making wrong claim of deduction for software expenses, and for claiming the deduction of non-business expenditure penalty equivalent to 100 per cent of tax thus sought to be evaded was imposed on the assessee - It could not be, therefore, said that merely because the assessee has made a claim for deduction of expenses on software purchase, and has not challenged in appeal the Assessing Officer's action of denying this deduction, the assessee can be deemed to have concealed his income - The explanation given by the assessee ought to have been accepted on the facts of the present case - Decided in favour of the assessee
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