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2019 (3) TMI 1162 - ITAT AHMEDABADPenalty u/s 271(1)(c) - claim of bad debt disallowed - disallowance has been deleted by the Tribunal itself - HELD THAT:- Sub-clause (iii) of section 271(1)(c) provides mechanism for quantification of penalty. It contemplates that the assessee would be directed to pay a sum in addition to taxes, if any, payable him, which shall not be less than but which shall not exceed three times the amount of tax sought to be evaded by reason of concealment of income and furnishing of inaccurate particulars of income - the quantification of the penalty is depended upon the addition made to the income of the assessee. Since in the present case, basis for visiting the assessee with penalty has been deleted by the Tribunal itself, the impugned penalty does not survive. - Decided in favour of assessee.
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