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2014 (6) TMI 103 - AT - Income TaxDeletion of penalty u/s 271(1)(c) of the Act – Payment as labour charges made disallowed u/s 40A(2)(b) of the Act – Quantum addition deleted - Held that:- The quantum addition has been deleted by the Tribunal - thus, the penalty for the year does not survive - the assessee had not preferred an appeal before the Tribunal, but still mere not filing of an appeal before the Tribunal do not alter the legal position in respect of the invocation of the provisions of Section 40A(2)(b) as decided by the Respected Co-ordinate Bench in the past years in favour of the assessee - the facts relating to the payment of labour charges to the concern were very much on record and the genuineness was not doubted by the AO but only held that the payment was unreasonable – estimation at 15% being made merely on estimation do not attract the penal provisions – the order of the CIT(A) is upheld – Decided against Revenue.
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