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2014 (1) TMI 489 - AT - Income TaxPenalty u/s 271(1)(c) – Renovation expenses – Capital or Revenue in nature - Held that:- Following Reliance Petro Products [2010 (3) TMI 80 - SUPREME COURT] - A mere making of a claim, which is not sustainable in law, by itself, will not amount to furnishing inaccurate particulars regarding the income of the assessee - Such a claim made in the return cannot amount to furnishing inaccurate particulars - The assessee's bona fide belief about treating the expenditure as allowable revenue expenditure cannot be held unreasonable or without any consideration – Decided against Revenue.
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