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2018 (2) TMI 118 - ITAT LUCKNOWPenalty levied u/s 158BFA - explanations of the assessee with regard to small investments - Held that:- As examined the issues on which additions were made by the AO and we find that there were small small amounts invested. Though the assessee has tried to explain the same, but it was not accepted by the Assessing Officer. No doubt for non-acceptance of explanations of the assessee, addition can be made but penalty under section 158BFA could not be sustained. We, therefore, find no merit in the penalty levied by the AO and confirmed by the ld. CIT(A). Accordingly, we set aside the order of the CIT(A) and delete the penalty. - Decided in favour of assessee.
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