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2016 (11) TMI 448 - AT - Income TaxPenalty u/s 271(1)(c) - addition made on the basis of estimation - Held that:- As per the settled law penalty proceedings are different from assessment proceedings because the standard of proof required for imposition of penalty is different from that on which an addition could be maintained. Mere addition to the income of the assessee does not mean that the assessee has concealed. Thus this is not a fit case where penalty can be imposed under section 271(1)(c) of the Act for concealment of income or for furnishing incorrect particulars of income. - Decided in favour of assessee
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