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2016 (3) TMI 580 - ITAT INDOREPenalty u/s 271(1)(c) - disallowance of deduction u/s 80HHC for furnishing of inaccurate particulars of income - Held that:- The issue in controversy is covered by the decision of Hon'ble Madras High Court in the case of CIT vs. Caplin Point Laboratories Limited (2007 (6) TMI 38 - HIGH COURT, MADRAS ), wherein the Hon'ble Madras High Court has held that mere rejection of claim of assessee u/s 80HHC by relying on different interpretation did not amount to concealment or furnishing of inaccurate particulars of income and the penalty u/s 271(1)(c) cannot be levied. We, respectfully following the decision of Hon'ble Madras High Court (supra), delete the penalty. - Decided in favour of assessee
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