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2013 (7) TMI 93 - GUJARAT HIGH COURTPenalty u/s 271(1)(c) - Tribunal cancelled penalty - Held that:- It could be noticed from the material that the penalty proceedings were initiated essentially on the ground that the consumption of the material for an year under consideration was 20% more whereas the consumption of the power and fuel was less than the previous year - Such ratio was found unbelievable by the Assessing Officer - It was held to be furnishing of the inaccurate particulars and concealment on the part of the assessee - Tribunal has rightly noted that these circumstances were aptly explained by the assessee who had reiteratively mentioned that there was extraordinary inflationary trend during the year under question in chemical business of the assessee as compared to the previous year - Decided in favour of assessee.
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