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2016 (2) TMI 227 - AT - Income TaxPenalty levied u/s 271(1)(c) - penalty imposed by the AO @ 200% - CIT(A) restricting the penalty to 100% of the tax sought to be evaded - Held that:- AR has already deposited the tax, interest and penalty on the concealed income. The ld. CIT(A) has arrived at his conclusion by relying on the order of the Hon'ble Jurisdictional High Court in the case of CIT VS. Mak Data Ltd [2013 (1) TMI 574 - DELHI HIGH COURT] and held the AO to be right in charging the assessee company with concealment of income and furnishing of inaccurate particulars. However, keeping in view the facts and circumstances of the case he has reduced the quantum penalty to 100%. We find the penalty imposed by the AO @ 200% is arbitrary and excessive. We find substance in the order relied upon by the assessee in the case of LMP Precision Engineering Co. Ltd [1997 (3) TMI 127 - ITAT AHMEDABAD-A ] wherein it has been held that a penalty of 100% of tax which the appellant has tried to avoid will meet the end of justice in such cases. Also in view of the fact that the assessee has already deposited the tax, interest and penalty, we decline to interfere with the order of the first appellate authority. - Decided against revenue
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