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2012 (5) TMI 614 - ITAT MUMBAILevying penalty u/s. 271(1)(c) - deemed dividend u/s. 2(22)(e) - Held that:- It is not in dispute that the fact of the loan taken by the assessee from the company came within the knowledge of AO from the balance sheet filed by the assessee which means that the assessee has disclosed the fact of borrowing in her balance sheet. We agree with the Counsel that assessee had no malafide intention to conceal the fact. So long as assessee has not concealed any material fact or any factual information given by her has not been found to be incorrect, she should not be liable to imposition of penalty u/s. 271(1)(c). Appeal filed by the assessee is allowed.
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