Disallowance of professional fees paid by the assessee as well ...

Penalty Deleted for Assessee: No Business Activity Found, but No Penalty for Inaccurate Particulars of Income.

March 31, 2020

Case Laws Income Tax AT

Disallowance of professional fees paid by the assessee as well as interest expenditure incurred - assessee is not carrying on any business during the year - Additions confirmed - However, merely because the issue is decided against the assessee confirming the disallowance it cannot result into levy of penalty for furnishing of inaccurate particulars - Levy of penalty deleted.

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Disallowance of professional fees paid by the assessee as well ...

Penalty Deleted for Assessee: No Business Activity Found, but No Penalty for Inaccurate Particulars of Income.

March 31, 2020

Case Laws Income Tax AT

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