Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2015 (12) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2015 (12) TMI 1020 - AT - Income TaxPenalty u/s. 271(1)(c) - disallowance of Exhibitor Promotion expenses - Held that:- Assessing Officer had given a specific show cause notice and examined the relevant invoices for Exhibit Promotion expenses and thereafter found that invoices for Euro 36993.45 were actually meant for Chinese exhibitions and as such were not related to the exhibition/fairs organized by the assessee. The disallowance was accordingly made to the equivalent amount in Rupees amounting to ₹ 24,96,318/-. This is not a case where disallowance originated due to difference of opinion as tried to be convinced by the assessee. The explanation of the assessee was that by mistake invoice to that extent relating to exhibition in India were sent by the parent company to China and that way tired to explain that the expenses debited in the Profit & Loss Account were actually incurred and there was no concealment and assessee had not furnished any incorrect particulars of income. If that was so, then the assessee had ample opportunity to get those invoices from its counterpart and/or could have obtained copy thereof from the parent company itself and submitted to the Assessing Officer at least during the penalty proceedings. Unfortunately, no such evidence was filed neither before the Assessing Officer nor even before the CIT(A) in the appellate proceedings. In view of the above the CIT(A) was justified in upholding the order of the Assessing Officer wherein he has held that the assessee has concealed its income by filing inaccurate particulars. Therefore he rightly imposed penalty under section 271(1)(c). - Decided against assessee.
|