Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2018 (2) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2018 (2) TMI 1369 - AT - Income TaxPenalty levied u/s.271(1)(c) - unexplained investment from undisclosed sources - Held that:- We find ourselves in agreement plea raised on behalf of the assessee that sufficient ambiguity exist in the interpretation of cancellation agreement from Kuoni Travels India Pvt. Ltd. Therefore, benefit of doubt should be given to the assessee and discretion for non imposing the penalty should be exercised in favour of the assessee. Similarly as regard penalty arising an addition of ₹ 58,500/- attributable to M/s. Prabhat Automation, verified some merit in the plea of the assessee for non imposition of penalty having regards to the fact narrated by the coordinate bench of the Tribunal in quantum proceeding. - Decided in favour of assessee
|