2013 (7) TMI 290 - HC - Income Tax

Penalty under section 271(1)(c) - Held that - Income-tax Appellate Tribunal has deleted the penalty on the ground that the additions made on account of disallowance was neither due to the failure on the part of the assessee to furnish accurate particulars nor on account of furnishing inaccurate particulars. We see no infirmity in the order of the Income-tax Appellate Tribunal - Decided in favour of Revenue.

Summary

The Bombay High Court upheld the Income-tax Appellate Tribunal's decision to delete the penalty under section 271(1)(c) of the Income-tax Act, 1961. The Tribunal found that the assessee disclosed all relevant facts for assessment and there was no concealment. The penalty was imposed due to a change in legal interpretation after the return was filed, but the Tribunal ruled that it was not due to inaccurate particulars provided by the assessee. The appeal was dismissed with no costs.