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2016 (8) TMI 1193 - ITAT CHENNAIPenalty under section 271(1)(c)- Held that:- In the case of both the assessees, some discrepancies with respect to the stock were observed by the learned Assessing Officer during the course of survey which arose out of the impurity in the stock which are gold and silver and that requires accurate arithmetic computation to reconciliation. Further the assessees had accepted to the computations made by the learned Assessing Officer and did not agitate in order to avoid prolonged litigation and accordingly filed their respective returns of income.We hereby direct the learned Assessing Officer to delete the penalty levied under section 271(1)(c) of the Act in the case of both the assessees for all the relevant assessment years. See ACIT Vs. Ram Thanga Nagai Maligai [2015 (9) TMI 1101 - ITAT CHENNAI ] - Decided in favour of assessee.
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