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2016 (8) TMI 658 - GUJARAT HIGH COURTPenalty levied u/s.271(1)(c) - Valuation of Goodwill - ITAT deleted penalty levy - Held that:- It is an undisputed fact that all transactions were supported by duly executed legal Agreements, having been acted by both the parties. Under the circumstances, the Revenue had no right or legal justification to doubt its genuineness, particularly when, there was no material on record to support the stand of Revenue. In the case of Mangalore Ganesh Beedi Works (2015 (10) TMI 1283 - SUPREME COURT ), the Apex Court has categorically held that the I.T. Act does not clothe the taxing authorities with any power or jurisdiction to rewrite the terms of the Agreement arrived at between the parties with each other at arms length and with no allegation of any collusion between them. Thus the Tribunal has not committed any error in allowing the appeal filed by assessee.- Decided against the Revenue.
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