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2010 (2) TMI 733 - AT - Income TaxPenalty u/s.271(1)(c) - Income escaping assessment - Held that: CIT(A) has taken into consideration the factual aspect that stitching charges were paid to several small scale textile units and the payments were made through A/c. payee cheques. This factual finding is neither found to be false or incorrect. It is a settled position in law that penalty proceedings are distinct from assessment proceedings and if by any reason an addition had been confirmed, penalty cannot be levied on the basis of that addition only - In the instant case, neither the explanation of the assessee is found to be false nor incorrect - Decided in favor of the assessee
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