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2010 (1) TMI 801 - ITAT, MUMBAIPenalty - assessee did not furnish the tax audit report the due date for filing of the return of income - imposing penalty for failure to carry out a statutory obligation - Held that:- It is not the case of the A.O. that the Act of the assessee is deliberate or acted in conscious disregard of its obligation. As the penalty proceedings like the present one is quasi criminal proceedings, the A.O. has to make out the case that it was a deliberate act of the assessee. Merely because, the assessee did not furnish the report before the due date of filing of the return, that may not automatically attract the penalty, assessee's appeal is allowed.
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