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2010 (9) TMI 768 - AT - Income TaxImposition of Penalty u/s 271(1)(c) - appellant had surrendered the bad debts of Rs. 46,76,680 after being confronted by the AO - the amount of Rs. 84,78,057 debited in P&L a/c on account of loss on sale of assets - held that:- It is true that mere submitting a claim which is incorrect in law would not amount to giving inaccurate particulars of the income of the assessee, but it cannot be disputed that the claim made by the assessee needs to be bona fide. If the claim besides being incorrect in law is mala fide, Expln. 1 to s. 271(1) would come into play and work to the disadvantage of the assessee. - none of the judgments cited by the learned Authorised Representative for the assessee is rendering any help to the assessee in the present case and the issue involved in the present case is squarely covered by the judgment of Hon'ble High Court of Delhi rendered in the case of Zoom Communication (P) Ltd. (2010 -TMI - 75987 - DELHI HIGH COURT) - Levy of penalty confirmed.
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