Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2010 (9) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2010 (9) TMI 280 - HC - Income TaxPenalty - disallowance of expenses - which was an excess expenditure claimed by the assessee on account of difference between unaudited and audited figures - business loss was not accepted by the AO - Held that: - change in the head of income by the AO from "business loss" to "speculative loss" had made the assessee disentitled to thereby resulted in addition to the total income of the assessee - mere treatment of the business loss as speculation loss by the AO does not automatically justify inference of concealment of the income justifying imposition of penalty under section 271(1)(c) of the Income Tax Act - assessee is not liable to pay penalty under Section 271(1)(c) of Act - appeal is dismissed
|