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2017 (4) TMI 1372 - HC - Income TaxPenalty levied u/s 271(1)(c) - cash receipts from the assessee deposited in M/s Abhaya Investment Pvt. Ltd. - Held that:- In the present case except the statement of 3rd party which was partially retracted, no other evidence was used by the AO. Under the facts and circumstances of the case the addition made by the AO being not based on any evidence is directed to be deleted. In view of the identical appeal being dismissed, the department while accepting the judgment will not follow the penalty provisions. In view of the above, the appeal stands dismissed with liberty to revive in case the judgment comes within 90 days.
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