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2013 (10) TMI 1221 - HC - Income TaxWhether penalty levied under section 271(1)(c) in respect of disallowance made on account of curtailment of deduction under section 80-IB of the Income-tax Act, is correct – Held that:- The Assessing officer curtailed the deduction claimed under section 80-IB of the Act and consequent thereto levied penalty on account of curtailment of deduction - It was an instance of disallowance of a claim and not a case of concealment of income or furnishing inaccurate particulars of income – Penalty not to be levied – Decided against the Revenue. Whether penalty levied under section 271(1)(c) in respect of disallowance made on account of duty draw back and dividend income from foreign companies offered to tax only when the case was selected for scrutiny is justified – Held that:- Amount of duty draw back and dividend income from foreign companies was offered to tax by the assessee voluntarily and not after detection on the part of the Assessing Officer – Penalty not to be allowed – Decided against the Revenue.
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