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2017 (8) TMI 332 - ITAT DELHIPenalty u/s 271(1)(c) - disallowance of loss claimed on account of stock damaged/stolen - AO observed that the event of theft did not occur in the year under consideration - Held that:- In the case in hand, the explanation furnished by the assessee has not been examined in the light of evidences furnished in the course of appellate proceeding before the Ld. CIT-A, while upholding the penalty invoking Explanation -1 to the section 271(1)(c) of the Act. In the interest of Justice, we feel it appropriate to restore the issue to the file of the Ld. CIT-A with the direction to admit the additional evidences filed by the assessee, examine the applicability of Explanation-1 to the section 271(1)(c) and decide the issue afresh in accordance with law. Grounds of appeal are accordingly allowed for statistical purpose.
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