Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2019 (5) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2019 (5) TMI 1195 - AT - Income TaxPenalty u/s 271(1)(c) - addition on deemed dividend u/s 2(22)(e) - difference of opinion between the Assessing Officer and the assessee - HELD THAT:- The assessee had claimed this amount as loan from a sister concern, which the Assessing Officer has held to be deemed dividend u/s 2(22)(e) of the Act. The undisputed fact is that this amount of ₹ 3,00,000/- was disclosed by the assessee in its balance sheet as loan and from the copy of balance sheet itself, the Assessing Officer further enquired about the nature of the transaction. Therefore, it cannot be said that the assessee has furnished wrong particulars of income or had concealed any income. The penalty has been imposed only on account of difference of opinion between the Assessing Officer and the assessee. The assessee held it to be a loan taken from a sister concern whereas the Assessing Officer treated it as deemed dividend. In a debatable issue and in a case like this where the assessee had furnished complete details of the transaction, the penalty cannot be imposed as has been held by various decisions. - Decided in favour of assessee.
|