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2018 (12) TMI 53 - AT - Income TaxLevying of penalty u/s 271(1)(c) - bogus transaction - Held that:- In the instant case, the assessee has furnished the details for purchase and sale of shares and furnished the names and addresses of the buyers and sellers of the shares. AO on the basis of the evidences placed before him held that the transaction was sham transaction. AO did not make any enquiry and disproved the claim of the assessee to hold that the transaction was bogus. Having furnished all the particulars by the assessee and the AO having failed to disprove evidences placed before him, we hold that there is no case for imposing penalty u/s 271(1)(c). Accordingly, we set aside the orders of the lower authorities and cancel the penalty imposed by the AO. The assessee’s appeal on this ground is allowed.
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