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2006 (2) TMI 105 - GUJARAT HIGH COURTPenalty u/s 271(1)(c) - "Whether, on the facts and circumstances of the case and in law, the Tribunal was right in deleting the penalty levied under section 271(1)(c) by the Assessing Officer even though the assessee is engaged in the contract business of material handling and is a private limited company, for not showing the amount of work uncertified in the credit side of the profit and loss account and thereby not furnishing accurate particulars of its income in the original return of income filed by it and the assessee filed revised return only when it was pointed out by the Assessing Officer, though under law the assessee was duty-bound to do that and to pay tax accordingly?" - Question is answered in the affirmative, i.e., in favour of the assessee and against the Revenue
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