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2016 (7) TMI 606 - ITAT DELHIPenalty u/s. 271(1)(c) - assessment was made u/s 144 - unaccounted sale consideration - Held that:- We are of the considered view that the assessee has not furnished inaccurate particulars of income and there are no findings of the Assessing Officer and the CIT (Appeals) that the details furnished by the assessee in his return are found to be inaccurate or erroneous or false. Under these circumstances, in our view the penalty in dispute is totally unwarranted and deserve to be deleted. Accordingly, we delete the penalty in dispute made u/s. 271(1)(c) of the I.T. Act and quashed the orders of the authorities below on the issue in dispute and allow the appeal filed by the assessee.
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