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2016 (5) TMI 1091 - ITAT CHENNAIPenalty under section 271(1)(c) - Held that:- Revenue has made additions and sustained the same only for the reason that the assessee could not convince the Revenue with respect to her claim though she had produced confirmation statements from the creditors and the Revenue on their part failed to ascertain the documentary evidence furnished by the assessee, we are of the view that the levy of penalty by the learned assessing officer is not justifiable. In the present case before us we find that the Revenue did not make any effort to verify the genuiness of the creditors of the assessee though the names, address and other particulars were before them by way of confirmation statement. For the above stated reasons, we are of the considered view that the penalty levied by the learned Assessing Officer is not maintainable - Decided in favour of assessee
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