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2012 (8) TMI 514 - ITAT, PUNEPenalty u/s 271(1)(c) - concealment of particulars - alleged violation of provision u/s 13(1)(c) by letting-out shops on long lease to the relatives of Directors who are the persons as referred to u/s 13(3) and claiming exemption u/s 11 - Held that:- As CIT(A) noted that AO himself mentioned that it is from facts mentioned in the audit report in Form No.10B filed by the assessee that the possible violation of Section 13, in fact, came to the AO’s notice. In that view, appellant cannot be said to have either concealed or furnished inaccurate particulars of its income, and even the provisions of Explanation-1 to Section 271(1)(c ) are not attracted since there was no concealment or furnishing of inaccurate particulars with regard to factual aspects which had clearly been disclosed by the appellant. Further, AO has not brought on record to show that the contention of the assessee is wrong in respect of the rent charged to others who are not the directors or otherwise interested parties being at par. Therefore, deletion of penalty u/s 271(1)(c) upheld - Decided in favor of assessee.
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