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2011 (2) TMI 1106 - HC - Income TaxPenalty u/s 271(1)(c) - wrong claim of expenditure stating the same to be in the nature of revenue expenditure, whereas he could not substantiate his claim in that regard - Held that:- In the absence of any independent finding by the Assessing Officer that the assessee either concealed his income or furnished inaccurate particulars, merely because the assessee treated it as a business loss, whereas the revenue treated it as a capital loss, the provisions contained under section 271(1)(c) - finding recorded by the Tribunal that the assessee did not conceal his income nor furnish the inaccurate particulars, are wholly justified and needs no interference. In favour of assessee. _______________
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