Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2015 (7) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2015 (7) TMI 1290 - AT - Income TaxLevy of penalty u/s 271(1)(c) - excess claim of brought forward MAT credit - Held that:- The concealment of particulars of income/furnishing inaccurate particulars of income for the purpose of levy of penalty has to be with respect to the return already filed. The Income tax Act, in any case, does not contain any provision which requires the assessee to rectify its return to account for adjustments made in assessment proceedings. There is therefore no concealment of income or furnishing inaccurate particulars of income in this case because the assessee furnishing inaccurate particulars of income in this case because the assessee filed return of income on the basis of MAT disclosed in earlier years return of income. Therefore it is held that penalty imposed under section 271(1)(c) qua revised MAT Credit be hereby deleted. Disallowance of expenses incurred on earning exempt income - Held that:- The assessee has disclosed both the figures of expenses as well as income in its P&L account filed along with return of income and produced before us. There is no question of concealing or furnishing inaccurate particulars of income. The AO on part of deduction u/s 80IC on same facts has already dropped the penalty proceedings. The case of the assessee is squarely covered by the decision of the Apex Court in Reliance Petroproducts (P.) Ltd.'s case [2010 (3) TMI 80 - SUPREME COURT]. The penalty imposed is therefore hereby deleted. - Decided in favour of assessee.
|