This is premium content. Please become a Premium member. If you are already a member, login here to access the full content.
Mere Disallowance of Expense not a ground to proceed u/s 271(1)(c)
Case Law Details
- Case Name
- Tara Jewels Export Pvt. Ltd. Vs. Deputy Commissioner of Income Tax (ITAT Mumbai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2002- 03
- Courts
- All ITAT, ITAT Mumbai
Upgrade to Basic or Premium to download.
Already Upgraded? Log in.
The law stands very well settled by the Hon’ble Apex Court in the case of CIT vs. Reliance Petroproducts (P.) Ltd., (supra) that merely disallowing a claim of deduction raised by the assessee is not a ground to proceed u/s 271(1)(c). For penalty, it has to be either a case of furnishing of inaccurate particulars, concealment of income or at least the claim should have been proved to be a mala-fide one. In our considered opinion, the said eventualities do not exist in instant case. Therefore, the penalty in question does not hold ground.
INCOME TAX APPELLATE TRIBUNAL, MUMBAI
ITA No. 4274/M/20...
