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2014 (4) TMI 886 - ITAT DELHIUpholding of Penalty u/s 271(1)(c) of the Act - Time barred penalty proceedings – Matter remanded back from High Court - Held that:- The decision in CIT v. Reliance Petroproducts Ltd. [2010 (3) TMI 80 - SUPREME COURT] followed - The disallowance of expenses was made out of P&L A/c which was filed by the assessee along with its return of income - the expenses were disallowed by the AO and were allowed by CIT(A) which were further disallowed by the ITAT which itself shows that there was two possible views on the additions and various decisions as relied upon by the Ld AR has held under these circumstances the penalty u/s 271(1)(c) cannot be imposed - mere non acceptance of a claim for expenditure cannot tantamount to furnishing of inaccurate particulars of income – Decided in favour of Assessee.
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