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2013 (7) TMI 203 - HC - Income TaxPenalty u/s 271(1)(c) - Tribunal and CIT [A] deleted penalty while confirmed the order of addition - Held that:- CIT [A] and the Tribunal both have properly examined the issue and have rightly deleted the penalty - Merely because certain claims were made and those claims were disallowed on the basis thereof additions were made, that would not ipso facto lead to penalty proceedings - When both the authorities concurrently held that there was neither any occasion of furnishing inaccurate particulars nor there was any concealment on the part of the assessee, they both have rightly applied the law to the facts and have deleted the amount of penalty - Decided in favour of Assessee.
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