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2013 (12) TMI 894 - ITAT MUMBAILevy of penalty under section 271(1)(c) - Prior period expenses - Held that:- The assessee has furnished all the particulars along with the voucher numbers of these expenses in the Audit Report which pertain to the financial year 2003-04 i.e., the assessment year 2004-05 - The bills were received after 1st April 2004 - No material has been brought on record to prove these details incorrect or the expenses do not pertain to the relevant financial year - The assessee has not concealed particulars of income - Decided against Revenue. Genuineness of expenses - Held that:- Only part of the stitching charges remained unverified u/s 133(6) - In order to establish its claim of payment, the assessee has furnished copies of bills, details of account payee cheque, copy of bank statement reflecting such payments, Form-16A showing TDS deducted on such payments and also the details of Permanent Account Number of such parties - The assessee cannot be said to be guilty of furnishing inaccurate particulars of income - Decided against Revenue.
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