Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2016 (10) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2016 (10) TMI 976 - HC - Income TaxPenalty u/s 271(1)(c) - inaccurate particulars intending to evade taxes by not adding back an amount u/s 43B - Held that:- We find that there are concurrent findings of fact by the CIT(A) as well as the Tribunal that the mistake in not adding back the interest not paid on advances and loans to the income during the subject assessment years was a bona fide mistake. This mistake, it held, was on account of the fact that the amendment to Section 43B(e) of the Act requiring the actual payment of interest on loans and advances came into force only w.e.f. 1st April, 2004. The Apex Court in Price Waterhouse Coopers (P) Ltd. Vs. Commissioner of Income Tax, (2012 (9) TMI 775 - SUPREME COURT ), held that the penalty should not be imposed where the error / mistake is bona fide, to which we are all susceptible.- Decided in favour of assessee
|