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2012 (10) TMI 28 - AT - Income TaxLevy of penalty u/s. 271(1)(c) - disallowance of loan pool account and bad doubtful debts - Held that:- The addition of the similar amount had already been made in the earlier assessment year and no transaction of the said amount was conducted in the assessment year under appeal, would clearly establish that even on quantum, the addition was not justified in the assessment year under appeal. Thus, the assessee disclosed all the particulars of income correctly in the earlier year as well as in the assessment year under appeal. Since the figure on the above heads is coming up from the earlier assessment year on account of provision for loan pool account and bad debts, therefore, there is no reason to hold that the assessee furnished inaccurate particulars of income. Therefore, penalty is not leviable in the matter - direction to cancel the penalty - in favour of assessee.
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