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2016 (7) TMI 1183 - AT - Income TaxPenalty u/s 271(1)(c) - eligibility of deduction under section 10BA - Held that:- All the material facts were duly disclosed by the assessee in its return of income. The revenue has not disputed this fact. The assessee under the bona fide belief was of the view that it was eligible for deduction under section 10BA of the Act. Under these facts, when revenue has not pointed out the deliberate act on the part of the assessee which demonstrates furnishing of inaccurate particulars or concealment of material facts, we are of the considered view AO was not justified in levying the penalty under section 271(1)(c) of the Act. - Decided in favour of assessee
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