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2018 (12) TMI 1056 - ITAT MUMBAIPenalty levied u/s 271(1)(c) - addition on account of foreign fluctuation loss and on account of disallowance u/s 40(a)(ia) - Held that:- Undoubtedly the penalty was levied on account of disallowance of the claim of loss of foreign exchange and disallowance of claim u/s 40(a)(ia). The assessee nowhere concealment the income or furnished the inaccurate particulars of income. In view of the above mentioned law disallowance of claim of the assessee nowhere attract the penalty. Therefore in the said circumstances and in view of the law relied by the Ld. Representative of the assessee, we set aside the finding of the CIT(A) on the issue and delete the penalty. - Decided in favour of assessee.
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