Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2015 (10) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2015 (10) TMI 2577 - AT - Income TaxRefund in relation to surplus sum - differential amounting between ₹ 1.75 crores alleged unaccounted income reduced by the actual sum declared of ₹ 27 lacs - Held that:- Revenue has failed to produce any material evidence supporting the impugned addition amount of ₹ 1.48 crores added merely on the basis of a very much vague and conditional disclosure statement of Shri Patel which stands retracted later on. We hold in these facts the Assessing Officer and the CIT(A) have erred in making the above stated additions in assessee’s as its unaccounted income. The same stands deleted. Other arguments narrated in preceding paragraphs have been rendered infructuous Penalty u/s 271AAA - Held that:- There is no dispute that this penalty sum of ₹ 14.80 lacs relates to addition of ₹ 1.48 crores made in the course of quantum proceedings as deleted in assessee’s appeal. That being the case, we hold that the impugned penalty has no legs to stand.
|