Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2022 (10) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2022 (10) TMI 1098 - AT - Income TaxLevy of penalty u/s 271(1)(c) - addition made on account of disallowance of loss incurred on derivatives - HELD THAT:- It is a case of disallowance of a claim by Assessing Officer, which does not tantamount furnishing inaccurate particulars of income or concealment of particulars of income as held by the Hon’ble Supreme Court in the case of CIT vs. Reliance Petroproducts Pvt. Ltd. [2010 (3) TMI 80 - SUPREME COURT] Thus it cannot be said that the respondent-assessee is guilty of furnishing of inaccurate particulars of income or concealing particulars of income. Therefore, it is not a fit case for levy of penalty u/s 271(1)(c) of the Act. - Decided in favour of assessee.
|