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2016 (1) TMI 319 - HC - Income TaxPenalty under Section 271 (1) (c) - Held that:- In the instant case, the assessee has disclosed all the income and claimed certain deductions, which was disallowed. The mere fact that certain deductions were disallowed does not mean that the assessee has furnished inaccurate particulars. It does not mean that assessee has concealed the particulars of his income. Further, we find that the assessee had given an explanation on the additions and deductions sought, which were found to be genuine and bonafide. Such appreciation of the assessee's statement makes it apparently clear that there had been no occasion for the assessing officer to impose penalty. - Decided in favour of assessee
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