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2018 (4) TMI 627 - AT - Income TaxPenalty u/s 271(1)(c) - legal heirs liability to pay tax on the amount received from NSS - Held that:- Revenue has not disputed the fact that this amount was offered by the assessee out of his own will. It is also not in dispute that at the time of investment, the assessee was minor. After considering the totality of the facts that the issue of taxability of the income being debatable, we are therefore of the considered view that the authorities below were not justified imposing the penalty. Accordingly, we direct the AO to delete the said amount penalty. - Decided in favour of assessee.
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