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2016 (9) TMI 544 - AT - Income TaxPenalty u/s.271(1)(c) - disallowance of business expenses - Held that:- As per the nature of the assessee’s business, following principle of commercial expediency assessee has incurred expenditure of brokerage as well as professional fees. Assessee being in the business of real estate business, professional fees are required to be incurred. Merely disallowance of such expenses will not amount to concealment of particulars by the assessee. All particulars with respect to incurring of expenditure was on record, genuineness of expenses were also not doubted by the AO. No merit for the penalty so imposed with regard to disallowance of some of the expenditure incurred by the assessee. - Decided in favour of assessee
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