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2013 (8) TMI 876 - AT - Income TaxPenalty under section 271(1)(c) - addition u/s 68 - Held that:- Imposition of penalty under section 271(1)(c) is not simply a consequence of an addition being made to the income of the appellant. Penalty under section 271(1)(c) irrespective of whether it is a civil liability or criminal liability can only be imposed when the scheme of the Act permits or requires so. It is not an automatic consequence of an addition being made to the income. An addition made during the course of assessment proceedings, by itself cannot be enough to initiate, leave aside conclude penalty proceedings. See Rupam Mercantile Ltd. v. Deputy CIT [2004 (7) TMI 274 - ITAT AHMEDABAD-A ] - Penalty deleted - Decided in favour of assessee.
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