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2012 (11) TMI 9 - ITAT MUMBAIPenalty u/s. 271(1)(c) - addition on account of unutilised Modvat Credit, depreciation on motor car and expenditure incurred on Research and Development – Held that:- Claim of any expenditure has to be proved by the assessee with corroborative evidence. Mere making of a claim is not sufficient. - Entries in the books of accounts or auditors reports or Board of Directors Meeting cannot take place of a piece of genuine evidence. - If assessee fails to produce the same, his claim also fails. In the case under consideration, the assessee has failed miserably to substantiate and support claim made by it - such transactions do not suffer from any deficiency as far as factum of 'going out' of sum is concerned. But in the case under consideration basic fact of spending of money for purchasing items for R&D purposes itself missing. As a result, penalty levied for filing inaccurate particulars and thus concealing the particular of income is confirmed - Appeal filed by the assessee is dismissed
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