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2016 (11) TMI 1143 - AT - Income TaxPenalty levied u/s.271(1)(c) - disallowing sub-brokerage payment - Held that:- Mere suspicions, surmises and 'no evidence' should not form basis for adjudicating any matter where strong evidence against the assessee is not available with the Revenue. In the instant case, the assessee has been able to substantiate its transactions with the payee parties and has also provided confirmations. The Revenue, on the other hand, has no evidence to substantiate its claim as regards the alleged dubiousness of the appellant's sub-brokerage expenses. In view of the above discussion, we do not find any merit for the penalty so imposed by AO.- Decided against revenue
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