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2012 (6) TMI 157 - ITAT, MUMBAIWrite back sundry credit balances - AO disallowed the credit as the assessee on the doubt on genuineness of the books of accounts prepared by the assessee - not even got its accounts audited - imposed the penalty – Held that:- A mere making of the claim which is not sustainable in law will not amount to furnishing inaccurate particulars regarding the income of the assessee - there is nothing to indicate incorrectness of particulars beyond unacceptability of the claim of deduction the impugned penalty to the extent relatable to write off of Rs. 60,54,678, cannot be sustained – in favour of assessee. Penalty in respect of long-term capital gain - assessee's contention that the returned loss was understated by Rs. 44,70,437 vis-a-vis the loss stated originally as this aspect of the matter has not been examined by any of the authorities below by way of a speaking order– Held that:- Matter deserves to be remitted to the file of the AO for fresh adjudication give a fair opportunity of hearing to the assessee
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