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2019 (2) TMI 521 - ITAT MUMBAIPenalty u/s. 271(1)(c) - proof of concealment or furnishing of inaccurate particulars of income - Held that:- All the particulars of assessee’s claim were duly available before the A.O. There is no case of concealment or furnishing of inaccurate particulars of income. Just because the A.O. was not in agreement with the claim of the assessee, which cannot be said to be ex-facie bogus, penalty u/s. 271(1)(c) is not leviable. This proposition is duly supported by the Hon'ble Apex Court decision in the case of Reliance Petroproducts Pvt. Ltd. [2010 (3) TMI 80 - SUPREME COURT]. Accordingly, we set aside the orders of the authorities below and decide the issue in favour of the assessee.
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