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2014 (5) TMI 49 - AT - Income TaxCancellation of penalty u/s 271(1)(c) of the Act – Concealment of particulars - Deduction u/s 80IB of the Act - Held that:- The assessee is an export house registered under the Govt. of India Export Manufacturing and Exporting Leather Garments Scheme u/s 80IB - The income was received under the duty drawback, DEPB, and interest on FDRs - The assessee claimed deduction, since the receipts were part of the receipts relating to the assessee’s industrial undertaking. Full deduction was disallowed, but such disallowance of claim cannot be said to be, by any stretch of imagination, concealment of particulars of income or furnishing of inaccurate particulars of income by the assessee - the appellant had disclosed all the primary and material facts and it could not be said that the appellant had concealed his income or had furnished inaccurate particulars of income - the appellant had filed explanation regarding its claim for deduction under section 80-IB of the Act –thus, there is no infirmity in the order of the CIT(A) – Decided against Revenue.
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