Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2017 (6) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2017 (6) TMI 782 - AT - Income TaxLevy of penalty u/s 271(1)(c) - Withdrawal of claim of deduction under section 24(a) - Held that:- In this case the assessee has filed revised return of income withdrawing the deduction claimed under section 24(a). No case has been made out that this revision was done on account of any query on the impugned subject. Furthermore we note that when assessing officer in the assessment order is finding the assessee guilty for furnishing of inaccurate particulars of income the assessing officer in the penalty order is holding that assessee has concealed income. In our considered opinion assessee has sought to revise the computation and withdrawn the claim of deduction under section 24(a). In our considered opinion the assessee's conduct was bonafide and it was not contumacious to warrant levy of penalty under section 271(1)(c). - Decided in favour of assessee.
|