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2021 (10) TMI 549 - ITAT MUMBAIPenalty u/s. 271(1)(c) - unexplained cash credit u/s. 68 - assessee had furnished inaccurate particulars of income - HELD THAT:- In the instant case, the assessee had indeed furnished all the relevant documents that are necessary for factual adjudication of the issue in dispute. It is only question of non-acceptance of the said evidence by the ld. AO due to astronomical increase in share price of the scrip dealt by the assessee which had eventually led to addition. The substantial question of law raised by the assessee on such addition has been admitted filed by the assessee. Once, the substantial question of law on the quantum proceedings is admitted by the Hon'ble High Court, the issue in dispute became debatable. Hence, there cannot be any concealment penalty of the assessee for alleged furnishing of inaccurate particulars of income. Reliance in this regard is placed on the decision of in the case of PCIT vs. Harsh International Pvt. Ltd.[2020 (12) TMI 1082 - DELHI HIGH COURT] - Hence, we have no hesitation in directing the ld. AO to delete the penalty in the instant case. Accordingly, the ground raised by the assessee is allowed.
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