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2017 (6) TMI 735 - GUJARAT HIGH COURTPenalty u/s.271(1)(c) - receipt on transfer of intellectual property right - revenue or capital receipt - Held that:- Tribunal came to the conclusion that the assessee had made a claim making full disclosures and in a transparent manner. The assessee had not only disclosed the receipt in question, but had also recorded reasons for claiming that such receipt is not taxable. The Tribunal, therefore, correctly came to the conclusion that merely because such a claim was not accepted by Revenue, would not mean automatically that the assessee should be exposed to penalty proceedings. Where there was neither concealment of income nor concealment of particulars of income, the Tribunal rightly did not sustain the penalty orders. Tax appeal is dismissed. - Decided in favour of assessee.
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