Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2013 (3) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2013 (3) TMI 175 - HC - Income TaxPenalty levied for inaccurate particulars of income - As per AO assessee treated the revenue receipt of subsidy as capital receipt - Held that:- There is no dispute about the quantum of receipt of grant in aid from the State Government. The assessee reflected the same as capital receipt, whereas it has been treated as to be revenue receipt. The issue, whether the amount of grant in aid is capital receipt or a revenue receipt, is a debatable issue. The findings returned in the judgment relied upon of CIT Versus ECS Ltd. [2010 (2) TMI 713 - DELHI HIGH COURT] is on fact of non-furnishing of details of expenses. The issue was not debatable as in the present case. No error in the findings recorded by Tribunal while setting aside the penalty. The Tribunal gives rise to no substantial question of law for the opinion of this court.
|