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2019 (3) TMI 1263 - AT - Income TaxPenalty u/s 271(1)(c) - quantum assessment order u/s 143(3) - addition being 25% of alleged bogus purchases - HELD THAT:- The undisputed position that emerges is the fact that the penalty has been levied / confirmed merely against estimated disallowances of 12.5%. Nevertheless, the assessee’s claim has been accepted substantially which do not suggest that there was furnishing of inaccurate particulars of income or concealment of income within the meaning of Section 271(1)(C). Therefore, the factual matrix does not inspire to concur with the stand of first appellate authority. Hence, we delete the impugned penalty. - Decided in favour of assessee.
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