Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2016 (12) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2016 (12) TMI 741 - ITAT MUMBAIPenalty under section 271(1)(c) - disallowance of prior period expenditure - Held that:- Hon'ble Punjab and Haryana High Court in the case of "CIT, Ludhiana vs. East Man International" (2012 (10) TMI 249 - PUNJAB AND HARYANA, HIGH COURT) observed that mere making of claim for deduction of prior period expenses which was ultimately found to be unsustainable would not by itself be inaccurate particulars of income as to pass penalty order under section 271(1)(c) of the Act. As assessee is a government undertaking and no personal interest was involved for furnishing of inaccurate particulars of income or concealment of income. In our view, it is not a case of furnishing of inaccurate particulars of income or of concealment of income. We, therefore, do not find any infirmity in the order of the Ld. CIT(A) while deleting the impugned penalty. - Decided in favour of assessee
|