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2016 (10) TMI 886 - ITAT MUMBAIPenalty u/s.271(1)(c)- addition on account of provision for detention charges and demurrage charges - Held that:- The assessee has genuinely disclosed all the facts qua the claim of the expenses which were based on a scientific method and also in respect of goods actually imported from Sri Lanka, and therefore, we do not doubt and dispute the genuineness of the claim made by the assessee. We also find that the provisions were written back when the assessee lost the quantum appeal before CIT(A) and due taxes were paid in A.Y.2011-12. In our opinion, the penalty confirmed by the CIT(A) is wrong and cannot be sustained on the ground that the assessee made genuine claim for the expenses payable to Jawahar Lal Nehru Port Trust in respect of the goods actually imported and lying at the port which in no way can be described as filing of inaccurate particulars of income or concealment of income - Decided in favour of assessee
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