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2011 (2) TMI 434 - HC - Income TaxPenalty u/s 271(1)(c)Addition - Claim of deduction u/s 80M - The intercorporate dividend was not actually distributed - The Assessing Officer found that though the aforesaid amount was earmarked and deposited in a separate account, unless the amount was actually distributed, the assessee was not entitled to deductions thereof - the Tribunal has opined that it was a debatable issue. - Penalty not to be imopsed. share transfer expenditure - Club expenses - the Tribunal has recorded that this disallowance was made as the Assessing Officer suspected the same to be expenses relating to the share capital increase and on that count held it to be capital in nature - However, it was not disputed that the expenditure was incurred in fact - Likewise, in respect of the club expenses, the observation of the Tribunal is that the claim, which was for a paltry amount of Rs. 11,359, was not mala fide - No question of law arises - No penalty.
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