Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2015 (9) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2015 (9) TMI 1293 - AT - Income TaxLevy of penalty under section 271(1)(c) - appellant tendered an explanation saying that the additions were as a result of bona fide mistaken occurred at the time of preparation of return of income - Held that:- We are of the considered opinion that the appellant had no intention of concealing the particular of the claim made, having regard to the fact that full disclosure was made of the items written off in the schedule XI financial statement, and the appellant on its own before the detection of the same by the Assessing Officer had offered the same to tax. This goes to prove that mistake is bona fide and therefore no penalty can be levied under the provisions of Section 271(1)(c) of the Act. In this regard, we also place reliance on the decision of Hon’ble Supreme Court in the case of Price Water House Coopers (P.) Ltd., [2012 (9) TMI 775 - SUPREME COURT] Thus we hold that no penalty is leviable in the facts and circumstances of the case under Section 271(1)(c) of the Act. Hence, the appeal filed by the assessee is allowed in full. - Decided in favour of assessee.
|