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2022 (6) TMI 477 - ITAT DELHIPenalty u/s 271(1)(c) - Bogus creditors u/s 68 - increase in amounts of certain creditors during the year under consideration compared to the rest of creditors required proof of their genuineness., accordingly the expenses booked appeared to be bogus in nature to ld. AO - scope of words ‘inaccurate’ - HELD THAT:- Mere disallowance of a claim, unless established by some positive evidence and not just presumption out of non submission of information by assessee, cannot be said to give rise to furnishing of inaccurate information. The Act does not incorporate any presumption of law of furnishing inaccurate information by virtue of failure of assessee to furnish the information to the satisfaction of Ld. Tax Authority. Therefore, in these circumstances levying of penalty and its sustenance in appeal deserve to be set aside - Decided in favour of assessee.
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