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2012 (7) TMI 275 - AT - Income TaxPenalty u/s 271(1)(c)- reduction in loss on account of additions/ disallowances - Held that:- Issue of claim of depreciation, penalty imposed under similar facts has been deleted by the ITAT in preceding year considering the claim of depreciation being a debatable issue, penalty cannot be imposed - in regard to LTCG on sale of investments and sale of vehicles all the relevant details were filed by the assessee along with the return of income and a change in claim of head of income cannot be considered as concealment or furnishing inaccurate particulars of income - in respect of PF and ESI only mistake committed by the assessee is in not giving proper effect to P&L A/c can be held to be of technical or venial in nature and not to concealing particulars of income or inaccurate particulars - for 43B disallowance assessee has given satisfactory explanation that revised return was prepared which was not filed by the Chartered Accountant due to dispute on payment of professional fees - no point of concealment or inarticulateness proved - in favour of assessee.
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