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2019 (3) TMI 505 - AT - Income TaxLevy of penalty u/s.271(1)(c) - disallowance of certain expenses made on an adhoc basis by the AO - HELD THAT:- The assessee placed on record the comparative chart of various expenses for the years ending 31/03/2008 to 31/03/2012 wherein we find that the expenditure incurred during the year had not varied substantially with that in the earlier years or in the subsequent years. Either way, the penalty has been levied only on the disallowance of expenses made on adhoc basis. As find from the list of expenses debited in the P & L account that the same are purely regular business expenditure. Hence, no penalty could be levied for concealment or furnishing of inaccurate particulars of income thereon for mere disallowance of claim of expenses made by the assessee. Reliance is placed in this regard on the decision in the case of Reliance Petro Products Pvt. Ltd., reported [2010 (3) TMI 80 - SUPREME COURT]. In view of our aforesaid findings and respectfully following the aforesaid judicial precedents, we direct the Ld. AO to cancel the penalty levied u/s.271(1)(c ) - Decided in favour of assessee.
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