Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2013 (12) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2013 (12) TMI 196 - MADRAS HIGH COURTPenalty u/s 271(1)(c) - Held that:- There was delay in supply of material - There was no delay in installation as it was done within the date of final acceptance - The delay in supply occasioned due to the delay committed by them being delay in placement of orders, delay in approval material etc., and the sub-suppliers were no way responsible, liable or cause for the delay - The assessee voluntarily made provision in their books of accounts. The assessee had not concealed any particulars either in its accounts or in other particulars and the contract was made available before the Assessing Officer - HMIL did not invoke the provision of claiming damages for delay - The assessee took precaution and provided for the penalty, claimed the same as deduction at the earliest point of time being the assessment year 1998-99 - The precaution taken by the assessee could not be compared with concealment of income In its good faith, the assessee was claiming the deduction at the earlier point of time by furnishing all the details - 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 bonafide - The assessee's claim for deduction at the earliest point of time for the assessment year 1998-99, cannot be stated to be lacking in bonafides or with the malafide intention with intent to conceal in particulars of income for the purpose of avoiding payment of Tax - Decided against Revenue.
|