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2020 (10) TMI 1081 - AT - Income TaxPenalty u/s 271(1)(c) - AO held that the assessee had concealed the particulars of income because the interest earned from the fixed deposit was not included as income under the head “income from other source” in the return of income and levied minimum penalty - HELD THAT:- The issue of netting off of the interest or treating the interest income earned by the assessee as taxable under the head “income from other source” is a debatable issue considering the facts and circumstances of the case of the assessee. assessee has taken one possible view which was rejected by the Ld. Revenue Authorities - assessee had brought out all the facts before the Revenue along with the return of income. Therefore, at the most it can be only treated as a claim of the assessee which may not be sustainable in law. We are of the considered view that the ratio laid down in the case of CIT vs. Reliance Petroproduct (P.) Ltd [2010 (3) TMI 80 - SUPREME COURT] will be squarely applicable to the case of the assessee wherein held Merely because the assessee had claimed the expenditure, which claim was not accepted or was not acceptable to the revenue, that, by itself, would not attract the penalty under section 271(1)(c) - Decided in favour of assessee.
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