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2015 (3) TMI 1146 - HC - Income TaxPenalty u/s 271(1)(c) - whether deduction under section 54F of the Act is applicable or not? - Held that:- Where penalty is imposed in respect of any addition where the High Court has admitted the appeal on substantial question of law, then the sustainability of the addition itself becomes debatable, and in such circumstances penalty cannot be levied under section 271(1)(c) of the Act. Penalty can only be imposed for concealment of material particulars or furnishing of inaccurate particulars by the assessee. In the facts of the present case, we are of the view that the assessee cannot be held guilty of the concealment of any material particulars of his income or having furnished inaccurate particulars of such income, so as to attract the provisions of section 271(1)(c) of the Act. - Decided in favour of assessee
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