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2014 (7) TMI 950 - AT - Income TaxPenalty u/s 271(1)(c) - Interest expenses disallowed u/s 14A – Concealment and suppression of income - Held that:- CIT(A) found that both the Explanation 1(A) and Explanation 1(B) to section 271(1)(c) stood attracted in the case - there was no nexus between the interest paid and her professional income, the assessee's claim was a deliberate attempt to suppress her professional income, and her case was without any explanation, attracting Explanation 1(A). In-as-much as the assessee had been unable to substantiate her explanation that the loan to the company was given with intent to earn interest, Explanation 1(B) would stand attracted - following the decision in CIT vs. Zoom Communication (P.) Ltd. [2010 (5) TMI 34 - DELHI HIGH COURT] - levy of penalty is upheld – Decided against Assessee.
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