Penalty u/s 271(1)(c) - disallowance of 20% on account of bogus ...

Penalty for Bogus Purchases u/s 271(1)(c) Deleted; Revenue's Appeal Based on CBDT Circular Rejected.

August 4, 2021

Case Laws Income Tax AT

Penalty u/s 271(1)(c) - disallowance of 20% on account of bogus purchases - Monetary limit for filing appeal - The revenue has tried to make out a case that since the addition was made pursuant to information from sales tax department, this penalty appeal falls in the exception carved out in the CBDT circular regarding appeals arising out of additions made pursuant to information from outside agencies. - Argument of the revenue rejected - we uphold the order's of Ld CIT(A) and delete the levy of penalty - AT

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Penalty u/s 271(1)(c) - disallowance of 20% on account of bogus ...

Penalty for Bogus Purchases u/s 271(1)(c) Deleted; Revenue's Appeal Based on CBDT Circular Rejected.

August 4, 2021

Case Laws Income Tax AT

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