Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2012 (9) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2012 (9) TMI 261 - ITAT DELHIPenalty u/s 271(1)(c) – concealment of income and furnishing inaccurate particulars - expenditure claimed by the assessee as revenue expenditure being held by Assessing Officer as capital expenditure – Held that:- It is observed that assessee had furnished all the particulars of income and specifically to cover up the point of revenue or capital expenditure, the assessee vide Notes to computation of income had brought the fact before AO. Expenses claimed by the assessee as revenue expenditure was based upon the nature of expenses and assessee had relied upon various judicial pronouncements in support of its claim and from any angle it cannot be said that assessee had furnished inaccurate particulars of income. It is a matter of opinion and courts had given different opinions in respect of such items at different times. Further, mere non filing of appeal by assessee against the additions made by AO cannot be said to be admission by assessee of having submitted wrong claim. In view of aforesaid, penalty is directed to be deleted – Decided in favor of assessee.
|