Case Law Details
Case Name : C.I.T. Vs Reliance Petro Products Pvt. Ltd. (Supreme Court of India)
Related Assessment Year :
Courts :
Supreme Court of India
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As the assessee had furnished all the details of its expenditure as well as income in its Return, which details, in themselves, were not found to be inaccurate nor could be viewed as the concealment of income on its part. It was up to the authorities to accept its claim in the Return or not. Merely because the assessee had claimed the expenditure, which claim was not accepted or was not acceptable to the Revenue, that by itself would not, in our opinion, attract the penalty under Section 271(1 )(c). If we accept the contention of the Revenue then in case of ever
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Mr. TDS does not know the working of the I T Deptt. No single officer can dare to ignore the decision of the Supreme Court. Officers may not care of decisions of other courts when department is in further appeal.
After a long time, EXCELLENT judgment by Apex Court which will bebbenefit so many Assessee ! But as usual, like Section 292BB of Income Tax Act, 1961, I will not surprise if the Dept. will bring some new section to take effect of this judgment. Message to all Professional bodies like ICAI, AIFTP etc. & individuals to do something on Section 292BB which is nothing but HARESSMENT & VIOLATION OF PRINCIPLES OF NATURAL JUSTICE.
Not one single officer of the IT depsartment or the ITAT cares for these decisions, whether from the High Courts or from the Supreme Court since the section is one of the gold mines for all of them ! And they also do not appreciate any one citing these decisions, because no one, even the ITAT, is taken to task for ignoring Supreme Court’s orders.