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Can penalty u/s. 271(1)(c) be imposed in a case where assessee has raised a debatable issue?
Case Law Details
- Case Name
- Commissioner of Income Tax Vs. Indersons Leather (P) Ltd. (Punjab & Haryana High Court)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2001- 02
- Courts
- All High Courts, Punjab and Haryana HC
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CIT Vs. Indersons Leather P. Ltd. (P&H HC)- The assessee company, after discontinuing its manufacturing business, leased out its shed along with fittings and disclosed the income as income from business, whereas the Revenue contended that the same be assessed as “Income from house property. The issue under consideration is whether penalty under section 271(1)(c) can be imposed in such a case. On this issue, the High Court observed that, mere raising of a debatable issue would not amount to concealment of income or furnishing inaccurate particulars and therefore, penalty under section 2...
