Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2013 (11) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2013 (11) TMI 145 - AT - Income TaxPenalty u/s 271(1)(c) – Justification of expenses incurred for earning no income – Held that:- The assessee has not shown any nexus between the research carried on by the doctors and the business of the assessee – The assessee has not furnished any details of expenditure and the outline of research and development carried out in the course of carrying on of its business – A general claim that the company has carried on research and development is not sufficient to allow the expenditure – The assessee has not carried out any business activity during the year under consideration and on the contrary claiming huge expenditure showing loss in its books of accounts - levy of penalty confirmed - Decided in favour of Revenue.
|