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2018 (12) TMI 184 - AT - Income TaxPenalty levied u/s 271(1)(c) - non satisfaction of one of the two limbs of section 271(1)(c) - bogus purchases - Held that:- AO holds the assessee to have concealed particulars of its income in the form of bogus purchases and further holds that the assessee has furnished inaccurate particulars of income within meaning of section 271(1)(c) read with Explanation-1 of the Act. Explanation-1 of section 271(1)(c) deals with concealment of income and the Assessing Officer thus, in the present case has held the assessee to have furnished inaccurate particulars of income and also concealed its income. Such an order levying penalty under section 271(1)(c) of the Act on both the limbs of section 271(1)(c) of the Act do not stand and the same is held to be invalid and accordingly, penalty levied under section 271(1)(c) of the Act is deleted. Upholding the order of CIT(A), we dismiss the grounds of appeal raised by Revenue.
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