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| The Tax Publishers2019 TaxPub(DT) 3418 (Mum-Trib) INCOME TAX ACT, 1961
Section 271(1)(c)
Where penalty under section 271(1)(c) was imposed merely against estimated disallowances, imposition of penalaty was unjustified because assessee's claim was accepted substantially which did not suggest that there was furnishing of inaccurate particulars of income or concealment of income.
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Penalty under section 271(1)(c) - Imposition of penalty against estimated disallowances whether justified - Validity of -
Pursuant to assessment order under section 143(3) on account of quantum addition of alleged bogus purchases, AO imposed penalty under section 271(1)(c) upon assessee. Held: Penalty was levied/confirmed merely against estimated disallowances. Nevertheless, assessee's claim was accepted substantially which did not suggest that there was furnishing of inaccurate particulars of income or concealment of income within the meaning of section 271(1)(C). Thus, imposition of the penalty was unjustified.
REFERRED :
FAVOUR : In assessee's favour
A.Y. :
INCOME TAX ACT, 1961
Section 271(1)(c)
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