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2013 (6) TMI 133 - PUNJAB AND HARYANA HIGH COURTPenalty u/s 271(1)(c) - there is no change in the amount of tax payable by the assessee as the ultimate return of the assessee remains less than the amount assessable under section 115JB of the Act. - held that:- The assessee has disclosed the nature of transactions in its return. It was on the basis of the interpretation of the provisions of the statute, the Assessing Officer found that such expenditure claimed by the assessee is not the revenue expenditure but the capital expenses. There is a fine distinction as to when an expenditure can be treated as a revenue or a capital expenditure. Therefore, merely for the reason that the assessee has claimed the expenditure to be revenue will not render the assessee liable to penalty proceedings. - no penalty - decided against the revenue.
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