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2016 (12) TMI 1825 - AT - Income TaxPenalty u/s 271(1)(c) -Tribunal has held that the commission should be taken at 0.15% and the expenditure claimed should be restricted and allowed to the extent of 50% from such income - HELD THAT:- We find that the co-ordinate Bench of the Tribunal has directed the AO to take commission at the rate of 0.15% and allow the expenses to the tune of 50% of the said commission and bring to tax the amount so worked out. Further, we find that on the identical facts the penalty has been deleted by the co-ordinate Bench of the Tribunal in M/S. GOLDSTAR FINVEST PVT. LTD. VERSUS THE DCIT- CENTRAL CIRCLE -46, MUMBAI2016 (8) TMI 1502 - ITAT MUMBAI]. Accordingly, we set aside the order of the ld.CIT(A) and direct the AO to delete the penalty. Appeal of the assessee is allowed.
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