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2014 (7) TMI 1056 - ITAT MUMBAIPenalty u/s 271(1)(c) – Inaccurate particulars furnished – Held that:- So far as it relates to levy of concealment penalty on a sum of ₹ 11,75,175/-, no concealment penalty is leviable - CIT(A) has held that since there was no taxable income or tax assessed for payment during a particular year, the question of evasion and penalty does not arise and provisions of section 271(1)(c) of the Act will be attracted in the case where assessee has positive income only and not loss - the question of levy or otherwise of the concealment penalty on the addition is restored back to the file of CIT(A) with the same directions as have been given by the Tribunal in the case of assessee for AY 1999-2000 – Decided in favour of Assessee.
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