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2016 (8) TMI 1084 - AT - Income TaxPenalty u/s.271(l)(c) - Held that:- aAssessee has declared business loss of ₹ 64,89,606/- in the return of income duly processed u/s 143(1) of the Act and in the reassessment proceedings u/s 147 of the Act no material record was available before the Assessing Authority to assess the income as the records were destroyed. We also observe that assessee company incurred heavy losses due to which even quantum appeal was also withdrawn due to non-availability of records as well as lack of office data. We also observe that Assessing Officer has not brought on record any material evidence to prove that assessee has concealed any income. It was just due to lack of records and books of account that Assessing Officer has to frame an assessment order by applying net profit rate of 5% on the gross turnover of the assessee. But there was no iota of evidence against the assessee which could prove that there was concealment of income or furnishing of inaccurate particulars. In these circumstances, we are of the view that no penalty is required to levied u/s 271(1)(c) except on the unexplained cash credit of ₹ 30,000/-. We find no reason to interfere with the order of ld. CIT(A). This ground of Revenue is dismissed.
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