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2021 (7) TMI 367 - AT - Income TaxPenalty u/s 271(1)(c) - application of funds for charitable purposes exceeded the total receipts - depreciation claim of assessee trust - difference in the opinion on the part of the Ld.AO regarding the nature of receipt in the hands of assessee - HELD THAT:- From the facts of this case it is clear that the assessee disclosed all the particulars of his income. AO has disallowed claim without holding it to be bogus or false. Thus, the genuineness of the claim is not in question here. Hon’ble Supreme Court while elaborating the scope of section 271(1)(c) in CIT vs Reliance Petroproducts Pvt Ltd[2010 (3) TMI 80 - SUPREME COURT] as held that by any stretch of imagination, making an incorrect claim in law cannot tantamount to furnishing of inaccurate particulars - Decided in favour of assessee.
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