Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2017 (11) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2017 (11) TMI 1356 - RAJASTHAN HIGH COURTPenalty u/s. 271(1)(c) - interest on shortfall in payment of advance income-tax is in the nature of finance cost and hence should not be clubbed with the Current tax and should be separately disclosed - Held that:- In view of the well settled legal provisions as much as in the matter has specifically stated and the referred in the balance sheet, in our considered view, the view taken by the Tribunal is required to be reversed. In view of the observations made in the last para in Shervani Hospitalities’ case [2013 (6) TMI 15 - DELHI HIGH COURT] that the penalty can be imposed when the details furnished by the assessee are found to be incorrect, erroneous and false. Merely making a claim which is held as not sustainable under law should not lead to penalization, when the assessee had furnished full details in the return itself and the claim is a debatable, reasonably plausible or may well have been accepted, no imposition of penalty. Without entering into merit, penalty could not be imposed. - Decided in favour of assessee.
|