Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2022 (12) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2022 (12) TMI 792 - AT - Income TaxPenalty u/s 271(1)(c) - deduction u/s 80G and 80HHC denied on the ground that the entire gross total income of the assessee comprised purely of Long Term Capital Gains and not business income - debatable issue - HELD THAT:- The contention of the assessee, therefore, that the issue was debatable is correct. The Ld.CIT(A) has not dealt with this contention of the assessee at all, brushing it aside simply by stating that the claim is inadmissible as per law in view of section 112(2) of the Act. In view of the decision of ARVIND MILLS LTD. [2001 (9) TMI 53 - GUJARAT HIGH COURT] laying down proposition in favour of the assessee it cannot be said that the claim was clearly inadmissible as per law. In these facts and circumstances of the case, the assessee cannot be charged with having furnished any inaccurate particulars of income so as to be exigible to levy of penalty u/s 271(1)(c)of the Act. The penalty so levied amounting is directed to be deleted. Appeal of the assessee is allowed.
|