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2014 (2) TMI 368 - AT - Income TaxPenalty u/s 271(1)(c) - Held that:- The issue of long term capital gains vs. business income is a debatable issue and, there is no "concealment of the income" or "furnishing of inaccurate particulars" which are the main ingredients to levy the penalty under section 271(1)(c) of the Act - On debatable issue no penalty u/s 271(1)(c) can be levied - The mere fact that a claim made by the appellant has been disallowed by the AO ipso-facto does not lead to the imposition of penalty - All the details given in the return of income were correct and there was a no concealment of income nor were any inaccurate particulars of such income were furnished - The same amount of income as returned by the assessee has been assessed albeit under a different head - The only dispute therefore was the head under which the income returned should be taxed - Decided against Revenue.
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