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2020 (4) TMI 363 - AT - Income TaxLevying penalty u/s 271(1)(c) - assessee has filed the revised return of income by showing the additional income and on account of disallowance of claim u/s 54 in connection with the Juhu flats - As argued appellant had suo moto revised its computation of income and offered the same to tax - HELD THAT:- In the revised return of income, there is no concealment of income and furnishing inaccurate particulars of income of any kind. Disallowance of claim u/s 54 of the I. T. Act, nowhere attract the penalty in view of the decision of Hon’ble Apex Court in the case of Reliance Petroproduct Vs. CIT (P) Ltd. [2010 (3) TMI 80 - SUPREME COURT]. Taking into account all the facts and circumstances, we are of the view that the finding of the CIT(A) is not justifiable, therefore, we set aside the same and delete the penalty. - Decided in favour of assessee.
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