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2011 (4) TMI 498 - AT - Income TaxPenalty - Addition u/s 40(a)(ia) - Revised return - CIT(A) has rightly deleted the penalty levied u/s 271(1)(c) of the Act on account of disallowance of expenditure on which tax was duly deducted by the assessee but paid lately beyond the specified date - If the tax was deductible and was so deducted during March, 2005, the deduction of expenses shall not be disallowed if the tax so deducted is paid on or before the due date specified in sub-section (1) of Section 139 of the Act - If the amendment brought by the Finance Act, 2008 with retrospective effect from 1.4.2005 is applied to the present case, which is related to AY 2005-06, the disallowance of payment of Rs.3,98,88,136/- is itself not called for - it is not a case where assessee has concealed any particulars about his liability to deduct the tax at source and payment thereof - this is not a fit case where penalty u/s 271(1)(c) can be levied. - Decided in the favour of the assessee
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