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2010 (7) TMI 560 - AT - Income TaxPenalty – Deduction u/s 80HHC – Short term capital loss - There cannot be a straight jacket formula for detection of these defaults of concealment or of furnishing inaccurate particulars of income and indeed concealment of particulars of income and in accurate particulars of income may at times overlap - In addition to main provisions of concealment “has concealed the particulars of his income” or “has furnished inaccurate particulars of such income” there are deemed to represent the income in respect of which particulars have been concealed - In the case of Reliance Petroproducts Pvt.Ltd. (2010 -TMI - 75701 - SUPREME COURT)the Hon’ble Supreme Court held that where there is no finding that any details supplied by the assessee in its return are found to be incorrect or erroneous or false there is no question of inviting the penalty under section 271(1)(c) The claim regarding 80 HHC & 80 GG have been sent back to the AO and some part of ground related to 80 HHC has been decided in favour of the assessee by the ITAT - In the result appeal of the assessee is allowed
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