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2016 (10) TMI 852 - ITAT HYDERABADLevy of penalty u/s. 271(1)(c) - unexplained investment - Held that:- Whatever may be the reason for confirming part of the amount in assessment, the same does not automatically lead of levy of penalty u/s. 271(1)(c). Assessee can question the addition itself in penalty proceedings so as to justify non-levy of penalty. Considering the fact that these assets are acquired much earlier and assessee has shown them as opening balance only, in our opinion the mere addition of part of the amount does not attract penalty for concealment. Considering these facts of the case the penalty u/s. 271(1)(c) is not warranted. Accordingly, the same is set aside. - Decided in favour of assessee
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