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| The Tax Publishers2020 TaxPub(DT) 1872 (Hyd-Trib) INCOME TAX ACT, 1961
Section 271(1)(c)
Bona fide claim made by assessee for deduction under section 35, which was disallowed due to lack of compliance shall not lead to concealment of particulars of income or furnishing inaccurate particulars of such income for the purpose of levying penalty under section 271(1)(c).
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Penalty under section 271(1)(c) - Validity - Bona fide claim made by assessee which was disallowed due to lack of compliance -
Issue was as regards imposition of penalty on account of incorrect claim of deduction made by assessee under section 35. Held:Bona fide claim made by assessee which was disallowed due to lack of compliance shall not lead to concealment of particulars of income or furnishing inaccurate particulars of such income for the purpose of levying penalty under section 271(1)(c).
Followed:CIT v. Reliance Petro products Pvt. Ltd. 322 ITR 158; ACIT v. VIP Industries Ltd. 30 SOT 254
REFERRED :
FAVOUR : In assessee's favour
A.Y. :
IN THE ITAT, HYDERABAD BENCH
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