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2013 (7) TMI 418 - BOMBAY HIGH COURTPenalty u/s 271(1)(c) - Unsustainable claim - Tribunal deleted penalty following previous decisions - Held that:- Claim made by the respondent assessee that the amount attributable to the goodwill amount which was written off is not chargeable to tax was not accepted by the revenue - Mere making of a claim, which is not sustainable in law, by itself, will not amount to furnishing inaccurate particulars regarding the income of the assessee. Such a claim made in the return cannot amount to furnishing inaccurate particulars - Following decision of CIT v/s. Reliance Petro Products Ltd. [2010 (3) TMI 80 - SUPREME COURT] - Decided against Revenue.
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