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No malafide intention no penalty
Case Law Details
- Case Name
- CIT Vs Dalmia Dyechem Industries Ltd. (Bombay High Court)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Courts
- All High Courts, Bombay High Court
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Brief of the Case
In, the present facts of the Case the Hon’ble High Court held that no penalty could be levied until it is proved that there was an active concealment or there is deliberate furnishing of inaccurate particulars.
Facts of the Case
In, the present facts of the Case the Revenue have challenged the order of ITAT u/s 260A. The assessee in its accounts had shown borrowed funds and interest free advances to its sister concern. The A.O. disallowed the proportionate interest out of the interest paid for the interest free advances. The CIT(A) upheld the orders of AO. Then on the appea...
