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2013 (1) TMI 594 - PUNJAB AND HARYANA HIGH COURTPenalty u/s 271(1)(c) – Concealment of income - Bonafide claim - Furnishing of inaccurate particulars - Deduction u/s 80HHC had been claimed without reducing deduction u/s 80IB – Held that:- The claim of the assessee for deduction u/s 80HHC was a bona fide claim. The claim of the assessee though later on was found to be untenable on the basis of subsequent decision of the Court, thus, it could not be held that the assessee had intentionally claimed deduction under Section 80HHC of the Act which was legally not permissible. This did not amount to furnishing of inaccurate particulars of income. Under the circumstances, no penalty, thus, could be levied u/s 271(1)(c) - In favour of assessee
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