Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2010 (2) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2010 (2) TMI 951 - ITAT DELHIPenalty under section 271(1)(c) of the Act – assessee, claimed deduction in respect of provision made for non-performing asset (NPA) – subsequently he withdrew its claim in respect of provision made on account of NPA by submitting that the provision was made as per RBI Guidelines but on the legal advice received subsequently, the said claim is withdrawn and revised computation is filed - Held that:- Claim was a bona fide claim and even the withdrawal of such claim was also based on sound legal opinion - action can also be considered to be a bona fide action so as to exonerate the assessee from the clutches of penalty under section 271(1)(c) of the Act - particulars were correctly filed - penalty levied under section 271(1)(c) of the Act set aside
|