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2014 (9) TMI 790 - DELHI HIGH COURTPenalty for concealment u/s 271(1)(c) – authenticity and genuineness of the expenditure on interest payment and miscellaneous expenses – Held that:- The assessee was following mercantile system of accounting and the miscellaneous charges pertained to stationery, filing fee, bank charges etc., whereas the interest income was paid on account of money borrowed for purchase of land, which was held as stock-in-trade – Tribunal rightly held that the assessee has been able to discharge the onus under Explanation No.1 to Section 271(1)(c) of the Act and, therefore, penalty should not have been imposed – thus, the order of the Tribunal is upheld – Decided against revenue
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