Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2015 (12) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2015 (12) TMI 830 - HC - Income TaxPenalty proceedings u/s 271(1)(C) - addition being the professional income included in the income from mutual funds and disallowance on account of partners remuneration debited to the P/L account - Tribunal upheld the order of the CIT(A) in deleting the penalty - Held that:- The mistake was committed by the accountant of the assessee. Even it was not noticed by the AO, and the assessee itself during the course of assessment proceedings while preparing the details from its ledge accounts came to know the said mistake had been committed by the accountant and proposed for addition. Therefore, through a bonafide and inadvertent error the assessee claimed the income as exempt and wrongly provided for partners’ salary. But the submissions of the assessee was that the error occurred by a mistake of its accountant, who treated the said professional income as income from Mutual funds’ and the salary was claimed on the basis of the clause mentioned in the original partnership deed was not found to be false. We, therefore, keeping in view of the ratio laid down by the Hon’ble Supreme Court in the case of Price Waterhouse Coopers Pvt Ltd [2012 (9) TMI 775 - SUPREME COURT] are of the view that the ld. CIT(A) was justified in deleting the penalty so levied by the AO. - Decided in favour of assessee
|