Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2013 (5) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2013 (5) TMI 607 - AT - Income TaxPenalty u/s 271(1)(c) - source of fresh capital introduced held to be unexplained/bogus - CIT(A) deleted part penalty - Held that:- Admitted facts of the case are that the A.O. made addition of Rs.3,50,000/-. The assessee furnished necessary explanation but the I.T.A.T. has found reasonable explanation to the extent of Rs.1,75,000/-. I.T.A.T. sustained the addition on the basis of estimation. In the case of estimation, it cannot be said that the assessee has concealed particulars or furnished inaccurate particulars of income. Also, it cannot be said that the explanation furnished by the assessee was found false. Under these facts it is not a fit case for penalty under section 271(1)(c) - appeal filed by the assessee is allowed.
|