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2014 (6) TMI 370 - ITAT HYDERABADDeletion of penalty u/s 271(1)(c) of the Act – 15% disallowance of commission payment – Held that:- Following M/s. Transport Corporation of India Ltd. Versus Asstt. Commissioner of Income-tax [2013 (10) TMI 870 - ITAT HYDERABAD] - imposition of penalty u/s 271(1)(c) on disallowance sustained by ITAT being 15% on commission payment, has deleted the penalty by holding that such disallowance having been made on estimation and on the basis of material furnished by the assessee itself, there cannot be any concealment of income or furnishing of inaccurate particulars of income in terms of section 271(1)(c) of the Act - Disallowance out of commission payments sustained by the Tribunal is merely by estimation of the excess amount of expenditure which the assessee might have been claimed by the assessee - disallowance has been made on the basis of the material furnished by the assessee itself – also in COMMISSIONER OF INCOME-TAX Versus RELIANCE PETROPRODUCTS PVT. LTD. [2010 (3) TMI 80 - SUPREME COURT] - every disallowance of an expenditure/exemption claimed by the assessee in the return cannot automatically lead to the conclusion that assessee has concealed the income or furnished inaccurate particulars of income – thus, the order of the CIT(A) is upheld – Decided against Assessee.
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