Monetary limit for filing of appeal by revenue in case of ...

Case Laws Income Tax

June 23, 2021

Monetary limit for filing of appeal by revenue in case of penalty - Penalty u/s 271(1)(c) on bogus purchases - Quantum proceedings and penalty proceedings are independent and distinct proceedings and confirmation of an addition cannot on a standalone basis justify imposition/upholding of a penalty u/s 271(1)(c) of the Act. Adopting the same logic, we are of the considered view that unless a specific exception is provided in the Circular w.r.t penalty also, it could by no means be construed that penalty was to be treated at par with the quantum additions. - AT

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Monetary limit for filing of appeal by revenue in case of ...

Case Laws Income Tax

June 23, 2021

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