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2016 (12) TMI 1185 - AT - Income TaxPenalty u/s 271(1)(c) - service tax liability - Held that:- Assessing officer has questioned the assessee regarding the service tax liability reflected in the balance sheet. In this connection the assesee had explained that the total service tax credited was ₹ 20,21,750 against which the amount of ₹ 17,08,150 was paid. He further explained that the balance unpaid amount of ₹ 3,04,834 consisted of ₹ 2,35,437 exempted u/s 65 sub-section 27 of service tax and the remaining amount of ₹ 69,397was payable by the Gas Authority of India. We noticed that the assessee had explained his claim and the nature of these transaction with supporting details. We also observed that all the facts were fully disclosed and apparently there was no case of furnishing inaccurate particulars of income by the assessee. We find that in this case assessee had disclosed all the particulars of service tax paid/ payable and detailed of loan transactions carried with related parties. The assessing officer had failed to substantiate his findings with supporting material and evidences to prove that there was concealment of particular of income in the case of assessee. - Decided in favour of assessee.
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