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2013 (7) TMI 579 - BOMBAY HIGH COURTPenalty u/s 271(1)(c) - Amount of goodwill debited to partners capital accounts - Tribunal deleted penalty holding that no capital gain tax is payable by writing off the goodwill in the books of accounts by debiting the partners account - Held that:- claim made by the respondent assessee that the amount attributable to the goodwill amount which was written off is not chargeable to tax was not accepted by the revenue. In such circumstances, merely making of a claim which is found to be not sustainable and would not warrant imposition of penalty under Section 271 (1)(c) - Following decision of CIT v/s. Reliance Petro Products Ltd [2010 (3) TMI 80 - SUPREME COURT] - Decided against Revenue.
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