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2014 (4) TMI 746 - ITAT MUMBAIPenalty u/s 271(1)(c) of the Act – Genuineness of the transaction - Held that:- Even though assessee has filed the PAN Number, but the confirmation of the respective creditors could not be filed - By not filing the loan confirmation, the assessee was unable to discharge his primary onus to prove the identity, genuineness and creditworthiness of the loan creditors – thus, there was no infirmity in the order of the AO for levy of penalty for addition of such loan creditors – Decided against Assessee. Disallowance of charity and donation – Held that:- Neither actual payment nor genuineness of the charity and donation was in dispute, mere failure of assessee to add back the same while computing the total income and make a separate claim u/s 80G, is not sufficient for levy of penalty u/s 271(1)(c) - the assessee has made full disclosure of amount given for charity and donation in the P&L account, there is no failure on the part of the assessee to disclose fully the particulars of income - the AO was not justified in levying penalty with respect to the disallowance of charity and donations – Decided in favour of Assessee.
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