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2015 (4) TMI 1196 - HC - Income TaxPenalty u/s 271(1)(c) - deduction under section 80IB(10) disallowed - Held that:- The search took place in the instant case on 11th February, 2009 but the return came to be finalized prior to 11th February, 2009. However, the assessee may not have questioned the orders in Quantum Proceedings by filing any appeal, yet, the Tribunal found that the original return of income was filed on 31st October, 2005. That was accepted by the Assessing Officer. The search took place on 11th February, 2009 and the deduction under section 80IB(10) was disallowed by the Assessing Officer on grounds not germane to section 271(1)(c). Meaning thereby, there was no material found during search based on which the disallowance was made. The disallowance was on account of non-furnishing of audit report under section 10 CCB and non-furnishing of certain details as called for by the Assessing Officer. In these circumstances, the penalty as imposed cannot be sustained. We do not find such reasoning to be perverse or vitiated by any error of law apparent on the face of the record. - Decided in favour of assessee.
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