Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2018 (6) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2018 (6) TMI 756 - AT - Income TaxInitiation of penalty u/s 271(l)(c) - provision for bad and doubtful debts disallowed as assessee failed to provide the same in their accounts and only claimed the same in the computation of income - Held that:- Assessee cannot be held to have committed any contumacious conduct so as to warrant levy of penalty - there is no furnishing of inaccurate particulars of income nor there is any concealment - therefore we set aside the order's of authorities below and delete the levy of penalty - reliance is placed on decision of Hon’ble Supreme Court in the case of CIT vs. Reliance Petroproducts (P.) Ltd. [2010 (3) TMI 80 - SUPREME COURT] wherein it is held that a mere making claim which is not sustainable in law will not amount to furnishing inaccurate particulars regarding the income of the assessee – Decision in favor of assessee
|