Incorrect claim based on CA report won’t attract penalty

Brief of the case:

The ITAT New Delhi in the above cited case held that making of an incorrect claim by assessee which is supported by a report of Chartered Accountant cannot be hold as furnishing inaccurate particulars of income. Therefore, penalty u/s 271(1)(c) is not warranted as the claim made under bonafide belief.

Facts of the case:

• The assessee is a company and is engaged in providing c

  Please become a Premium member. If you are already a Premium member, login here to access the full content.