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2020 (3) TMI 173 - AT - Income TaxPenalty u/s 271(1)(c) - denying the claim of exemption u/s 10(23C)(iiiad) - Addition u/s 68 - HELD THAT:- In support of the unsecured loan of ₹ 13,000/-, the assessee has submitted the necessary confirmation from the lender, therefore, non-acceptance of the confirmation so filed of the assessee may be basis for making the addition u/s 68 of the Act. However, given the fact that the same has been filed by the assessee during the course of appellate proceedings, the AO who has relied on the findings in the assessment order has levied the penalty. Therefore, it is case where the explanation has been furnished by the assessee and necessary confirmation has also been filed, non-acceptance thereof may be basis for making the addition, however, the same cannot be the basis for levy of penalty U/s 271(1)(c) of the Act. In the result, the levy of penalty on such addition is hereby deleted. - Decided in favour of assessee.
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