Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2014 (2) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2014 (2) TMI 423 - AT - Income TaxDeletion of penalty u/s 271(1)(c) of the Act – inaccurate documents furnished - Held that:- The decision in Asst. Commissioner of Income-tax Versus M/s. Universal Medicare Pvt. Ltd.[2012 (8) TMI 993 - ITAT MUMBAI] followed - Penalty u/s 271(1)(c) of the Act cannot be imposed for furnishing inaccurate particulars/concealing the particulars of income - Penalty is imposed where an assessee conceals his income, so that it does not suffer taxation – here, assessee-company was cheated by its employees and the AO has admitted the fact by allowing defalcation in subsequent A.Y - In these peculiar circumstances, if the assessee could not support the claim made by it, during the assessment proceedings, it cannot be held that it had filed inaccurate particulars – thus, if wrong claims were made by the assessee-company, on the basis of the material supplied by the employee-CA, penal provisions should not have been invoked - there was no omission or commission on part of the assessee-company for which it should have been visited by penalty u/s 271(1)(c) of the Act – order of the CIT(A) upheld – Decided against Revenue.
|