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2013 (5) TMI 492 - PUNJAB & HARYANA HIGH COURTAdvances of interest free loan - whether entitled to deductions u/s 36(1)(iii) - penalty imposed - Held that:- Tribunal has set aside the penalty on addition inter alia for the reasons that such additions were made on account of judgment of Abhishek Industries Ltd. case(2006 (8) TMI 123 - PUNJAB AND HARYANA High Court) and it does not establish that the assessee has either concealed its income or furnished inaccurate particulars of income. Therefore, the claim of the Assessee cannot be said to be concealment of income, which may attract penalty. In respect of addition as bad debts expenses in the profit and loss account filed with the return of income Tribunal found that when the assessee has disclosed the particulars in the return of income and withdrawn his claim of expenditure being made because of an inadvertent mistake and offered the same as additional income, there is no justification to hold that the assessee has furnished inaccurate particulars of income. Therefore, the order of penalty was set aside.
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