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2014 (9) TMI 1004 - ITAT JODHPURPenalty u/s. 271(1)(c) - exemption u/s. 10B reduced by AO - CIT(A) deleted the penalty - Held that:- The claim of exemption u/s. 10B of the Act by the assessee was reduced by the Assessing Officer. So, it cannot be said that the assessee concealed the income or furnished the inaccurate particulars of its income. Therefore, keeping in view the ratio laid down by the Hon'ble Supreme Court in the aforesaid case of CIT Vs. Reliance Petro Product (P) Ltd [2010 (3) TMI 80 - SUPREME COURT ], we do not see any infirmity in the order of the Ld. CIT(A). Accordingly do not see any merit in this appeal of the department. - Decided in favour of assessee.
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