Sponsored
    Follow Us:

Case Law Details

Case Name : Jain Studios Ltd. & Anr. Vs DCIT (ITAT Delhi)
Appeal Number : ITA No.3068/Del./2016
Date of Judgement/Order : 27/04/2018
Related Assessment Year : 2011-12
Become a Premium member to Download. If you are already a Premium member, Login here to access.
Sponsored

Jain Studios Ltd. & Anr. Vs DCIT (ITAT Delhi)

 Mere making of a claim which had not been accepted, would not per se tantamount to furnishing of inaccurate particulars to attract penalty proceedings under section 271(1)(c) of Income Tax Act, 1961. Bare perusal of explanation furnished by the assessee went to prove that it had come up with bona fide claim with no actual or conscious furnishing of inaccurate particulars, therefore, levy of penalty under section 271(1)(c) of Income Tax Act, 1961 was not justified.

FULL TEXT OF THE ITAT JUDGMENT

The appellant, M/s. Jain Studios Ltd. (hereinafter referred to as ‘the assessee company’) by filing the present appeal, sought to set aside the impugned order dated 09.03.2016 passed by Ld. CIT (Appeals)-5, Delhi qua the assessment year 2011-12 on the grounds inter alia that :-

“1. That on the facts and in the circumstances of case and in law, the Ld CIT-A erred in not deleting the penalty amounting to Rs 52,83,477/- u/s 271 (l)(c) where notice u/s 274 dated 28.01.2014 is mechanical and vague and Ld CIT-A has incorrectly decided the said aspect in para 5.3.4 of impugned order. No where in the notice specific charge is pinpointed.

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.

One Comment

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Your email address will not be published.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