Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2012 (9) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2012 (9) TMI 649 - ITAT INDOREPenalty u/s 271(1)(c) - Assessee has taken advance against Deep Discount Bonds – Assessee claim interest expense in P&L without deducted TDS – During reassessment u/s 147, AO disallow the same – AO levy penalty u/s 271(1)(c) on concealment of income – Held that:- As the assessee is under bonafied belief of CBDT circular no. 4/2004 dated 13.5.2004, TDS was required to be deducted only at the time of redemption. The assessee has bonafied belief not to deduct the same during the intervening period. Therefore, mere non-deduction of tax on the interest will not amount to concealment of income by the assessee. Appeal decide in favour of assessee
|