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2017 (11) TMI 373 - AT - Income TaxPenalty u/s 271(1)(c) - addition on account of expenses on payment made on behalf of foreign ship owners - Held that:- After going through the assessment order, the Assessing Officer has made payment to the tune of ₹ 20,53,28,258/- and the Assessing Officer has not made any charge on this addition regarding imposition of penalty u/s. 271(1)(c) of the Act in the assessment order and this issue has been discussed elaborately by the ld. CIT(A). In view of the all, we are not inclined to disturb the impugned order of ld. CIT(A). Therefore, it is held that the ld. CIT(A) has rightly deleted the penalty on both the issues. Accordingly, the appeal of the Revenue being devoid of merits deserves to fail. - Decided in favour of assessee.
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