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2012 (8) TMI 366 - AT - Income TaxPenalty u/s 271(1)(c) - addition made for dis-allowance u/s 40(a)(ia) - payments made to non-resident without TDS - addition however have been deleted during quantum appeal on ground that such payment was not chargeable to tax in India as the recipient has no PE in India - Held that:- In the absence of an contrary material placed on record by the Revenue and in view of the fact that the quantum appeal has been decided in favour of the assessee, virtually the basis for imposition and levy of penalty u/s 271(1)(c) is not available. penalty deleted - Decided in favor of assessee.
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