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2018 (3) TMI 659 - AT - Income TaxLevy of penalty u/s. 271(1)(c) - proof of concealment of income or for furnishing of inaccurate particulars of income - Held that:- Mere disallowance in the course of assessment does not lead to levy of penalty u/s. 271(1)(c), unless there is a finding that assessee has a concealed income or furnished inaccurate particulars. There is no indication that the disallowance/addition made by the AO falls in any of these categories stated above, as there is no discussion even about initiation of penalty proceedings. The order of AO indicates that it is a mere disallowance, consequent to survey operations conducted. The case does not fall either under the head ‘concealment of income’ or under ‘furnishing of inaccurate particulars’ so as to attract penalty under Sec.271(1)(c). As the facts indicate that there is no need for levy of penalty on mere disallowance of a certain claim made in the P&L A/c. - Decided in favour of assessee.
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