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2010 (2) TMI 877 - AT - Income TaxPenalty u/s.271(1)(c) – AO levied penalty, software expenses treated as capital in quantum matter - Held that:- this issue has been sent back to the file of the AO since basis on which AO levied penalty has not become final. CIT(A) has rightly cancelled the penalty on this issue. As regards other items on which AO levied penalty, AO has failed to point out any specific particular which have either been concealed or inaccurate, assessee's claim for provision of cash, depreciation on know-how without calculation of deduction these are the bonafide claims of the assessee which does not amount to furnishing of inaccurate particulars, therefore conditions laid down in section 271(1)(c) are not satisfied therefore penalty provisions of section 271(1)(c) not applicable, revenue's appeal stands dismissed.
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