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2016 (3) TMI 533 - AT - Income TaxPenalty u/s 271(1)(c) - Disallowance u/s 14A - Held that:- It is pertinent to note that the assessee submitted audited balance sheet, P & L account, audit report and Form 3CD were duly filed during the assessment proceedings. There was no defect or deficiency was found or pointed out by the Assessing Officer in the books of account or in other documents, details or record filed by the assessee. During the course of penalty proceedings, the assessee voluntarily offered the amount of ₹ 17,09,920/- for disallowance under Rule 8D read with Section 14A of the Act out of the expenses actually incurred by the assessee. Thus, the assessee has not furnished any inaccurate particulars or claimed any bogus expenditure. The Assessing Officer as well as the CIT(A) was incorrect in holding that there was inaccurate particulars furnished by the assessee. - Decided in favour of assessee
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