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2012 (9) TMI 629 - SC - Income TaxPenalty u/s 271 - difference in amount of loan shown in assessee's books of accounts and in decree filled for outstanding amount - Held that:- As in the Books of Accounts of the assessee, the outstanding amount, as on 30th April, 1982, was Rs.52,07,873/-, including interest. However, the decree in favour of the Bank was for Rs.42,45,477/- because that was the amount indicated as the outstanding amount due and payable by the assessee to the Bank in its Books of Account. It appears that the Bank has not calculated the interest over the years possibly for the reason that, in its Accounts, this amount was classified as 'NPA', thus Section 271(1)(c) is not applicable - in favour of assessee.
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