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2014 (7) TMI 958 - ITAT HYDERABADPenalty u/s 271(1)(c) – Claim of interest – Inaccurate particulars furnished – Held that:- Interest amounts disallowed relate to borrowals from the bank towards working capital requirements of the assessee - assessee has explained the various difficulties that it had to encounter on account of the fact of hostile relationship between the assessee company and the banker, which prevented it from complying with the requirement of the AO - Following the decision in Income Tax Officer Versus M/s. Heman Fan Components P. Ltd., Hyderabad [2014 (7) TMI 298 - ITAT HYDERABAD] - there was a justifiable reason for the non-compliance from the assessee – there was no justification for the imposition of penalty u/s 271(1)(c) – Decided in favour of Assessee.
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