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| The Tax Publishers2020 TaxPub(DT) 3964 (Mad-HC) INCOME TAX ACT, 1961
Section 260A
Where CIT(A) exercised its discretion and granted relief to assessee and factual situation was examined by Tribunal and it came to a conclusion that CIT(A) was right in deleting the penalty, therefore, no substantial question of law arose for consideration.
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Appeal (High Court) - Penalty under section 271(1)(c) - Gross negligence in not making necessary adjustments, additions and disallowance in the accounts which resulted in incorrect income being shown - Furnishing inaccurate particulars of income
Issue arose for consideration as to whether Tribunal was right in not making necessary adjustments, additions and disallowance in the accounts, which resulted in incorrect income being shown and that assessee had furnished inaccurate particulars of income in the returns filed. Held: On taking note of factual position, the CIT(A) exercised its discretion and granted relief to assessee. The factual situation was examined by Tribunal and it came to a conclusion that CIT(A) was right in deleting the penalty. Thus, no substantial question of law arose for consideration.
REFERRED :
FAVOUR : In assessee's favour
A.Y. : 2007-08
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