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2014 (2) TMI 428 - AT - Income TaxValidity of Penalty u/s 271(1)(c) of the Act – Held that:- In the absence of complete and convincing corroborative evidence, the Revenue may justifiably disallow certain part of the expenses claimed by the assessee - but the onus lies heavily on the Revenue to prove that the assessee had concealed its income or has filed inaccurate particulars of its income - The Revenue has failed to prove that the claim of the expenses under the head "wages to workers" were non-genuine or were inflated by the assessee. Merely because certain expenses have been claimed by the assessee to have incurred in cash and were not supported by documentary evidence to the satisfaction of the Revenue authorities, it could not be said that the Revenue has proved that the expenses claimed were inflated or non-genuine – Relying upon CIT Vs. Reliance Petro Products P. Ltd. [2010 (3) TMI 80 - SUPREME COURT] - it is not a fit case to levy penalty under section 271(1)(c) of the Act, which was rightly cancelled by the CIT(A) – Decided against Revenue.
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