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2014 (6) TMI 970 - HC - Income TaxPenalty under Section 271(1)(c) - Held that:- There is no finding of the Assessing Officer that the details supplied by the Assessee in the return of income while making the claim in respect of frontend fees were incorrect or erroneous or false. The Assessee has disclosed in its return of income that the amount of front end fees to be non taxable in India. The note was also annexed to the return giving the basis for which the claim was made. In these circumstances whether the Assessee's stand was justified or otherwise, surely the penalty proceedings could not have been initiated and the penalty could not have been imposed. - Decided in favour of assessee.
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