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2015 (12) TMI 138 - AT - Income TaxPenalty under section 271(1)(c) - addition made on account of disallowance of commission payment on contract receipt from Government / PSU, addition relating to expenditure on issuance of convertible debenture and expenditure on project which did not materialize - Held that:- Additions on the basis of which penalty has been imposed under section 271(1)(c) of the Act, the issues can be considered to be debatable, hence, in the particular circumstances of the case, penalty under section 271(1)(c) of the Act cannot be imposed. Accordingly, allowing assessee's ground, we delete the penalty imposed under section 271(1)(c) of the Act. - Decided in favour of assessee.
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