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2019 (2) TMI 114 - ITAT DELHIPenalty proceedings u/s 271(1)(c) - disallowance of commission /brokerage on purchases - Held that:- The assessee has been paying brokerage/ commission in the earlier year also and in order to prove the claim, the parties have directly sent confirmations, their income tax returns, bank statement etc. to show that these commissions have been paid to them on account of purchases. Thus, the primary onus cast upon the assessee, stood discharged and even if these persons could not be produced or did not appear inspite of summon u/s 131, that does not mean the material and evidence filed by the assessee was incorrect or has been found to be false. Assessee was able to substantiate its claim though such a claim did not found favour only for the reason that these parties did not appear. There is no other material or evidence on record to show that such payment of brokerage / commission is bogus or is coloured transaction - no penalty can be levied for furnishing of inaccurate particulars of income and same is directed to be deleted - Decided in favour of assessee.
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