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2013 (10) TMI 869 - AT - Income TaxPenalty u/s 271(1)(c) of the Income Tax Act - Held that:- As regards, partner's capital and cash credits of Rs.32,37,280/- and Rs.18,05,000/-, the learned CIT(A) in quantum has allowed the relief to the assessee and the ITAT 'D' Bench Ahmedabad, Revenue appeal is dismissed - Therefore, when the basis of the addition does not exist, then no penalty can subsist - As regards, the penalty on the cash credit of Rs.1,50,000/- regarding to Mr. Mathew no details have been furnished by the assessee before any of the authorities - In the facts and circumstances of the case, the assessee has concealed the income and furnished inaccurate particulars of income – AO is right in levying the penalty with regard to the cash credit of Rs.1,50,000/- relating to Mr. Mathew and the same is hereby confirmed.
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