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2016 (7) TMI 1010 - AT - Income TaxPenalty u/s 271(1)(c) - Held that:- Where an agreeable, controversial or debatable deduction is claimed, the claim could not be false, otherwise, it would become impossible for any assessee to raise any claim or deduction which might be debatable and it was not the intention of the legislature to make punishment such claims, if they were not accepted. The ld. CIT(A) rightly concluded that there was no furnishing of inaccurate particulars of income. From the above, it could be safely concluded that as per Explanation 1 to section 271 ( c ) of the Act no penalty could be imposed on the assessee in the facts of the case. - Decided in favour of assessee
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