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2015 (11) TMI 799 - KARNATAKA HIGH COURT

2015 (11) TMI 799 - KARNATAKA HIGH COURT - TMI - Penalty under Section 271(1)(c) - Held that:- There was no concealment of income or furnishing of inaccurate particulars of income by the assessee. From the record, it is clear, that the assessee had furnished all the particulars, but merely because the accounting method adopted by the assessee was not accepted, because of which certain tax had been levied, would not mean that the assessee had furnished wrong information or concealed any income wh .....

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penalty order passed by the Assessing Officer under Section 271(1)(c) of the Income Tax Act, 1961 (for short 'the Act') has been held to be not leviable, as had been so held by the Appellate Commissioner also. 2. Briefly stated the facts of this case are that in the original assessment proceedings passed under Section 143(3) of the Act, the method of accounting as maintained by the assessee was not accepted and thus the loss as declared by the assessee was re-determined by the Assessing .....

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ulars of its income or false deduction or exemption claimed by the assesse in its return. Revenue filed an appeal before the Tribunal, which has been dismissed. Aggrieved by the said order, this further appeal has been filed by the Revenue. 3. We have heard Sri K.V.Aravind, learned counsel for the appellants at length and perused the record. 4. The Tribunal by its order dated 21.11.2014 has dismissed the appeal, not only on the merits but also on the ground that the notice dated 28.12.2011 issue .....

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