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2016 (11) TMI 1559 - AT - Income TaxPenalty u/s.271(1)(c) - expenditure incurred for obtaining the bank loan - revenue v/s capital expenditure - Held that:- Expenditure was incurred for obtaining the bank loan. Merely, because AO has considered the expenses as capital in nature, same does not amount to furnishing of any inadequate particulars of income, therefore, not liable to penalty u/s. 271(1) ( c). Disallowing the expenditure genuinely incurred for the purpose of business merely on the plea of prior period expenses will not attract penalty u/s.271(1)( c) - full details regarding franking charges, foreign exchange loss were filed before the lower authorities. There was no concealment of any particulars of income. Merely disallowance of claim does not amount to furnishing of inadequate particulars of income nor concealment of income. - Decided in favour of assessee.
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