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2018 (4) TMI 16 - ITAT LUCKNOWPenalty u/s 271(1)(c) - disallowances on account of setting off the income from the capital work in progress as claim of depreciation on non-factory building - Held that:- We find that assessee, with a view to set up a new unit for producing poster paper, raised funds through equity financing and due to delay in implementation of the project, placed the funds for a short period in the form of FDR and also a part of funds were invested in mutual fund and from these investments the assessee earned income in the form of interest and profit from mutual funds. The said incomes were disclosed by the assessee in the books of account and in the balance sheet. Instead of declaring the same as income, the same were reduced from the capital work in progress and therefore, the assessee had disclosed the full particulars of such income in its balance sheet. In fact the Assessing Officer came to know about these incomes from the particulars filed by the assessee itself therefore, it cannot be said that the assessee had concealed particulars of income or had furnished inaccurate particulars of income. Learned CIT(A) has rightly deleted the penalty. - Decided against revenue
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