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2011 (1) TMI 427 - AT - Income TaxTax evasion - Penalty - Disallowance - Revenue or capital expenditure - assessee claimed deduction of expenditure amounting to Rs. 8,34,435 in respect of fees paid to Registrar of Companies for increasing the authorized share capital - in the case of Punjab State Industrial Development Corpn. Ltd. v. CIT [1997] 225 ITR 792/93 Taxman 5 - Held that: wherein the nature of similar expenditure claimed by the assessee was held to be capital - assessee’s case comes within the purview of Explanation 1 to section 271(1)(c) for levy of penalty for furnishing inaccurate particulars by the assessee - Decided against the assessee
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