Penalty u/s 271(1)(c) - Assessee’s explanation and the claim has ...

Income Tax

February 27, 2016

Penalty u/s 271(1)(c) - Assessee’s explanation and the claim has not been rebutted by bringing any material on record except for rejecting the same on the basis of presumption and surmise that the loss has been shown purely to set off the recovery of bad debts. Thus, the penalty levied on such a disallowance cannot be upheld and same is directed to be deleted on merits. - AT

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Penalty u/s 271(1)(c) - Assessee’s explanation and the claim has ...

Income Tax

February 27, 2016

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