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2018 (4) TMI 137 - HC - Income TaxPenalty proceedings u/s 271(1)(c) - disallowance of interest claimed out of net profits - Held that:- The issue being debatable as two views were possible regarding allowability of interest in cases where profit had been declared on presumptive basis, penalty for concealment could not be levied. Hence penalty levied on addition of interest of ₹ 42,22,678 was cancelled. Penalty levied on disallowance of depreciation - Held that:- CIT(A) has rightly held that it is not a case of furnishing of inaccurate particulars of income or concealment of income for the purpose of avoidance or evasion of tax. The assessee in this case has made bonafide claim. The disallowance on the above issues was made by the Assessing Officer on account of difference of opinion and not on account of detection of any concealment of income. No penalty to be levied . - Decided against revenue.
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