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2013 (4) TMI 212 - HC - Income TaxPenalty u/s 271(1)(c) - Tribunal cancelled the penalty levy - addition of rental income - Held that:- So far as rental income which was initially held to be sham and was added in the income of the respondent, is concerned, this question has already been decided in Commissioner of Income Tax Vs. Kohinoor Tobacco Products (P) Ltd (2005 (2) TMI 31 - MADHYA PRADESH HIGH COURT). The facts show that the addition of the rental income itself was set aside in the appeal by the Tribunal. When the addition was set aside, there was no question of imposition of penalty and the ITAT have rightly set aside the order, in which no error is found. Thus the Tribunal was justified in law in setting aside the penalty under Section 271(1)(c) - against the revenue.
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