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2014 (3) TMI 813 - HC - Income TaxImposition of penalty u/s 271(1)(c) of the Act – Inaccurate particulars furnished for claiming deduction – Held that:- The assessee in this case furnished inaccurate particulars and sought to avoid liability to pay tax on that basis - It was not a bona fide mistake - The assessee did not establish by any cogent evidence that inaccurate particulars were furnished accidentally or by mistake - deduction was claimed knowingly on a wrong basis – thus, penalty was rightly imposed – but, the amount of penalty should be reduced by 50% considering that there is nothing to show any antecedent – Decided partly in favour of Assessee.
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