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2018 (1) TMI 1327 - AT - Income TaxPenalty u/s 271(1)(c) - concealment of income or furnishing of inaccurate particulars of income - Held that:- In the instant case, nothing is on record to show that there was any malafide intention on the part of the assessee to conceal the income or furnish inaccurate particulars of income and there was an omission while filing the return of income which was rectified through challan on the very date of passing the assessment order. But the entire exercise cannot be brought to the ambit of penalty under section 271(1)(c). We are, therefore, of the considered view that this penalty should be cancelled and we order cancellation of penalty. - Decided in favour of assessee.
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