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2017 (5) TMI 364 - AT - Income TaxPenalty u/s. 271(1)(c) - additions on account of foreign travel expenses and addition u/s. 68. - Held that:- CIT(A) has rightly observed that it was nowhere submitted that the three basic requirements of proving the identity, creditworthiness and genuineness of the transactions were duly fulfilled. Ld. CIT(A) held that the assessee has furnished inaccurate particulars with a view to concealment of income and explanation given by the assessee is not bonafide. Hence, the penalty was rightly confirmed by the Ld. CIT(A) on additions on account of foreign travel and addition u/s. 68 of the Act, which does not need any interference on our part, hence, we uphold the same - Decided against assessee.
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