Penalty 271(1)(c) - deduction of interest out of ‘income from ...

Income Tax

August 2, 2019

Penalty 271(1)(c) - deduction of interest out of ‘income from other sources’ - The AO has admitted the claim of interest expenditure to the extent of interest income and therefore one cannot definitely say that interest expenditure was not utilized for the purpose of earning interests - The disallowance of excess expenditure over and above similar income generated, cannot invite penal action in the form of penalty

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Penalty 271(1)(c) - deduction of interest out of ‘income from ...

Income Tax

August 2, 2019

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Penalty u/s 271(1)(c) – In the garb of the bona fide claim an assessee cannot escape levy of penalty - Onus was not on the AO to prove the negative - AT

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