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2012 (12) TMI 336 - ITAT MUMBAIPenalty u/s 271(1)(c) – Whether mere submitting a claim which is incorrect in law would amounts to concealment of income – Assessee earn dividend from UTI MIP and claim exemption of such amount u/s 10(15) - After pointed out by AO, assessee admitted said income – AO made addition of said dividend income and levy penalty u/s 271(1)(c) - Held that:- Following the decision in case of Zoom Communication Pvt. Ltd (2010 (5) TMI 34 - DELHI HIGH COURT) held that mere submitting a claim which is incorrect in law would not amount to giving inaccurate particulars of the income of the assessee, but it cannot be disputed that the claim made by the assessee needs to be bona fide. If the claim besides being incorrect in law is mala fide, Explanation 1 to section 271(1)(c) would come into play and work to the disadvantage of the assessee. In favour of revenue
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