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2016 (5) TMI 617 - ITAT MUMBAIPenalty u/s.271(1)(c) - the financing or investing in distribution of film is not connected with the main object of the assessee company - Held that:- Since the onus is always on the AO to prove as to what particulars of income has been concealed by the assessee or what inaccurate particulars have been furnished by the assessee. In the present case the ld. DR was not in a position to convince us as to what particulars furnished by the assessee are inaccurate. Except submitting that claiming capital loss as business loss, the assessee has furnished inaccurate particulars. After the co-joint reading of all the arguments cited by the CIT(A) in his order we are of the considered view that mere rejection of legal claim would not amount to furnishing of inaccurate particulars and our view is fortified by Hon’ble Supreme Court judgement of “CIT vs. Reliance Petroprouducts Pvt. Ltd” [2010 (3) TMI 80 - SUPREME COURT] - Decided against revenue
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