Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2015 (4) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2015 (4) TMI 405 - HC - Income TaxPenalty u/s 271(1)(c) - interest payment on the borrowings disallowed - Held that:- Here, the assessee may not be successful in substantiating their claim, but that by itself does not mean penalty follows. Eventually for withholding a imposition of penalty whether the particulars of income or furnishing of inappropriate particulars of income is an element present and with regard thereto any explanation is offered or not or if offered whether the same is false or an offer of such explanation which the assessee is unable to substantiate and it is lacking in bona fides that the penalty can be imposed. All these ingredients in the present case are absent according to the Tribunal. The view taken by the Tribunal and from paragraphs 5 to 8 of the impugned order is imminently possible given the factual background. Such a view cannot be termed as perverse or vitiated by an error of law apparent on the face of the record. - Decided against assessee.
|