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2017 (10) TMI 940 - GUJARAT HIGH COURTPenalty u/s. 271(1)(c) - disallowance of exemption u/s. 54 - ITAT deleted penalty levy - Held that:- Tribunal outlined three objections of the Revenue against granting the exemption to the assessee under section 54 of the Income Tax Act. The Tribunal thereafter proceeded to deal with each one of them threadbare and overruling each of the Revenue's objections. There is no element of any suppression on part of the assessee of material facts. The assessee had neither withheld the source of income nor provide accurate particulars about the income. Appellate Tribunal was right in law and on facts in deleting the penalty u/s. 271(1)(c) - Decided in favour of assessee.
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