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2016 (1) TMI 601 - AT - Income TaxPenalty u/s 271(1)(c) - Held that:- The penalty in dispute is not sustainable in the eyes of law, because the AO has not recorded any clear finding whether the assessee was guilty of concealment of income or furnishing of inaccurate particulars of income. Secondly, the notice u/s. 271(1)(c) has been issued to the assessee levying the penalty for furnishing of inaccurate particulars of income, whereas the penalty in dispute has been levied by the AO on account of concealment of true particulars of income by the assessee. In my view the penalty is not sustainable - Decided in favour of assessee.
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