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2005 (4) TMI 11 - HC - Income TaxDuring the course of assessment proceedings, the Assessing Officer noticed that extra-shift allowance at 10 per cent, on plant and machinery had been claimed by the assessee on the basis that the factory had worked three shifts daily. On being asked to substantiate the claim, the assessee stated that extra-shift allowance had been claimed through oversight. The Assessing Officer held that the assessee had furnished inaccurate particulars of its income in respect of extra-shift allowance and levied penalty for a sum of Rs. 54,176 under section 271(1)(c) of the Act which was 100 per cent, of the tax effect attributable to the claim of extra-shift allowance - Tribunal was right in cancelling the penalty under section 271(1)(c)
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