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2014 (2) TMI 1167 - AT - Income TaxPenalty under section 271(1)(c)– Inaccurate particulars of income – Held that:- The details furnished by the assessee were not found to be false or inaccurate. That merely because in respect of one machinery the Assessing Officer or the appellate authority was of the opinion that the same was not put to use before 31st March, 2005, it cannot be said that the assessee either concealed the income or furnished inaccurate particulars of income. Similarly, merely because the expenditure of `2,68,984/- which was claimed as an expenditure on repairs is treated as capital expenditure, it cannot be said that assessee either concealed the income or furnished inaccurate particulars of income. On the facts of the assessee’s case, in our opinion, the decision of Hon’ble Apex Court in the case of Reliance Petroproducts Pvt.Ltd. (2010 (3) TMI 80 - SUPREME COURT) would be squarely applicable - Decided against Revenue.
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