Sponsored
    Follow Us:

Case Law Details

Case Name : Commissioner of Income Tax-Vododara-2 Vs ORG Informatics Limited (Gujarat High Court at Ahmedabad)
Appeal Number : Tax Appeal No. 360 of 2017
Date of Judgement/Order : 14/06/2017
Related Assessment Year :
Become a Premium member to Download. If you are already a Premium member, Login here to access.
Sponsored

Assessee had made a claim making full disclosures and in a transparent manner.The assessee had not only disclosed the receipt in question, but had also recorded reasons for claiming that such receipt is not taxable. The Tribunal, therefore, correctly came to the conclusion that merely because such a claim was not accepted by Revenue, would not mean automatically that the assessee should be exposed to penalty proceedings.Where there was neither concealment of income nor concealment of particulars of income, the Tribunal rightly did not sustain the penalty orders.

Full Text of the High Court Judgment is as follows:-

1 This appeal is filed by the Revenue challenging the judgement of the Income Tax Appellate Tribunal dated 19.10.2016.Following question is presented for our consideration:

“ Whether in the facts and circumstances of the case and in law, the I.T.A.T is justified in not upholding the penalty u/s.271(1)(c) of the Act imposed by the Assessing Officer and upheld by the CIT(A), without appreciating that the assessee had deliberately did not offer the revenue receipt amounting to Rs.2,60,00,000/­ to tax and claimed the same as capital receipt which amounted to filing inaccurate particulars of income?”

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

Sponsored

Join Taxguru’s Network for Latest updates on Income Tax, GST, Company Law, Corporate Laws and other related subjects.

Leave a Comment

Your email address will not be published. Required fields are marked *

Sponsored
Sponsored
Search Post by Date
July 2024
M T W T F S S
1234567
891011121314
15161718192021
22232425262728
293031