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2016 (12) TMI 1089 - ALLAHABAD HIGH COURTLevy penalty under Section 271(1) (c) - Held that:- In the present case there is not even a remote suggestion of there being any falsehood of about there being any material details and particulars supplied by the assessee to the department. It is true that their claim was not accepted but that not in itself comes to the inevitable conclusion that the details supplied by the assessee were false, inaccurate or suffered from any concealment. In the absence of any finding with regard to the concealment or with regard to lack of bonafidies of the assessee in furnishing correct material particulars, no penalty would be attracted under the provisions of Section 271 (1) (c) of the Act. - Decided in favour of assessee
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