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2018 (5) TMI 59 - ITAT DELHIPenalty u/s 271(1)(c) - disallowance under the head ‘Impairment of assets’ and short fall of the bank guarantee - non specification of charge - Held that:- When the assessee has not been specifically made aware of the charges leveled against him as to whether there is a concealment of income or furnishing of inaccurate particulars of income on his part, the penalty u/s 271(1)(c) of the Act is not sustainable. A mere making of a claim, which is not sustainable in law, by itself, will not amount to furnishing inaccurate particulars regarding the income of the assessee. Such a claim made in the return cannot amount to furnishing inaccurate particulars. See Reliance Petro Products Pvt. Ltd. (2010 (3) TMI 80 - SUPREME COURT) - Decided in favour of assessee
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