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2017 (3) TMI 27 - AT - Income TaxPenalty u/s. 271(1)(c) - addition u/s 68 - Held that:- The issue of levying penalty-where penalty is initiated for concealing particulars of income/furnishing inaccurate particulars and penalty is not levied on account of same default-has been dealt by the Hon’ble Karnataka High Court and the Hon’ble Supreme Court in the cases of SSA’S emrald Meadows (2016 (8) TMI 1145 - SUPREME COURT), Manjunath Cotton and Ginning Factory (2013 (7) TMI 620 - KARNATAKA HIGH COURT ). The Hon’ble courts have held that where the AO initiates proceedings u/s. 271(1)(c) for concealment particulars of income but levies penalty for furnishing inaccurate particulars the penalty order could not be sustained. Respectfully following the above judgments of the Hon’ble courts, we decide the effective ground of appeal in favour of the assessee.
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