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 747 - AT - Income TaxPenalty u/s 271(1)(c) - assessee submitted that he had claimed deduction only on account of wrong interpretation of u/s. 36(2) - Held that:- As seen in the light of the decision of Price Waterhouse Coopers Pvt. Ltd. (2012 (9) TMI 775 - SUPREME COURT) and Zoom Communication P. Ltd. (2010 (5) TMI 34 - DELHI HIGH COURT) wherein held that absence of due care does not mean that the assessee is guilty of either furnishing inaccurate particulars or attempting to conceal its income, thus concluded that since all the necessary facts with respect to the claim of disallowance and deductions were furnished in the return income the fact that the disallowance has been made does not call for levy of penalty us/ 271(1)(c). Thus penalty levied by the AO cancelled. In favour of assessee.
|