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2014 (12) TMI 509 - ITAT DELHIPenalty u/s 13(1)(c) of Interest Tax Act – Approval from Committee of Disputes - Held that:- The assessee during the assessment proceedings submitted that chargeability of interest on account of call money with the bank and chargeability of interest on the discounting scheme were not liable to interest tax under the provisions of Interest Tax Act The assessee company has filed the details of interest claimed in the return of chargeable interest and it was supported by the accounting policy of the assessee company - The interest has been claimed on the bona-fide belief that it is allowable in computing its chargeable interest - no penalty can be imposed for disallowance of a claim made on the bona fide belief as decided in Hindustan Steel Limited Vs State of Orissa [1969 (8) TMI 31 - SUPREME Court] - CIT(A) rightly concluded that the penalty imposed by the A.O. u/s 13(1)(c) of the Interest Tax Act is to be set aside – Decided against revenue.
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