Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2016 (8) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2016 (8) TMI 153 - HC - Income TaxPenalty u/s. 271 (1)(c) - Held that:- Perusal of the order of the CIT (Appeals) on the quantum as well as penalty and perusal of the order of the Tribunal on quantum would persuade us that the entire issue of taxable amount of the principal sum was the highly debatable issue. The CIT (Appeals) noted that the assessee had made full disclosures and presented full accounts which were duly audited. Thus, at best, it was a case of wrong claim in law and not any attempt on part of the assessee to suppress the income or provide inaccurate particulars thereof. In any case, therefore, the penalty would not be leviable. - Decided in favour of assessee.
|