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2014 (1) TMI 431 - ITAT AHMEDABADPenalty u/s 271(1)(c) – The assessee has claimed expenditure comprising of bank charge, legal and professional expenses, telephone and trunkcall expenses, account writing charges and interest on bank O/D - These expenses were claimed as expenditure u/s 57 against the income earned from other sources - Held that:- The expenses do not have any direct nexus with the income shown under the head income from other sources - Following CIT vs. Reliance Petro Products [2010 (3) TMI 80 - SUPREME COURT] - Merely because the assessee has claimed the expenditure and the claim has not been accepted or was not acceptable to the Revenue by itself would not attract penalty u/s 271(1)(c) – Decided in favour of assessee.
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