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2010 (1) TMI 42 - HC - Income TaxPenalty u/s 271(1)(c) – AO imposed the penalty on the ground that a false claim had been made in respect of the Duty Entitlement Passbook Scheme (DEPB scheme) under Section 80-IB of the Income Tax Act, 1961 - CIT(A) deleted the penalty - ITAT confirmed the order of CIT(A) – held that – since the assessee had disclosed all the primary and material facts and, therefore, it could not be said that the assessee had concealed his income or had furnished inappropriate particulars of income. The Tribunal also noted that the assessee had filed explanation regarding its claim for deduction under Section 80-IB of the said Act which, according to the Tribunal, could not be said to be a false claim – penalty not to be imposed
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