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2012 (8) TMI 262 - AT - Income TaxPenalty u/s 271(1)(c) of the Act - AO has made addition u/s 68 of I.T Act - AO has called for confirmation letters – CIT held that assessee has explained the reasons by saying that it fell into a debt trap and had no time to look into the affairs which itself is enough to prove that creditors are not genuine and evade tax thereon. It is also a case of filing of inaccurate particulars of income – Held that:- Order passed by the learned CIT(A) is a non-speaking order in the eyes of law – matter remanded back to the file of the learned CIT - assessee is allowed for statistical purposes.
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