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2012 (6) TMI 352 - HC - Income TaxPenalty under section 271(1)(c) of the Income-tax Act - Whether order made by Tribunal is perverse inasmuch as the Tribunal has deleted the penalty - Tribunal have held that the assessee was a victim and duped by third parties – Held that:- there was evidence and material to show that the respondent-assessee was not involved and in fact had been deceived and had suffered because of malevolent acts of others. The directors of the respondent-assessee were not arrested but on complaint made by the respondent-assessee, an FIR was registered and third persons were arrested. It is not possible to say that the findings recorded are perverse. Decided in favour assessee.
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