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2016 (2) TMI 292 - AT - Income TaxPenalty u/s 271(1)(c) - disallowance made on account of expenditure towards payments made to Globextech India (P) Ltd. by the assessee on the basis that due to search and seizure operation conducted at the premises of S.K. Gupta Group of Companies - Held that:- Under the circumstances, it cannot be held beyond doubt that there was concealment of particulars of income or furnishing inaccurate particulars thereof on the part of the assessee towards the additions in question to attract the penal provisions under sec. 271(1)(c) of the Act as the fulfillment of the above condition is sine quo non. Of course, in a penal provisions, advantage of benefit of doubt will go in favour of assessee. We thus while setting aside orders of the authorities below direct the Assessing Officer to delete the penalties in question in the assessment year 2003-04 and ₹ 15,38,030 in assessment year 2004-05 levied under sec. 271(1)(c) of the Act. - Decided in favour of assessee
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