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Section 271(1)(c) Penalty Unsustainable for Genuine Accounting Entries
Case Law Details
- Case Name
- DCIT Vs Nevales Networks Pvt. Ltd. (ITAT Mumbai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2013-14
- Courts
- All ITAT, ITAT Mumbai
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DCIT Vs Nevales Networks Pvt. Ltd. (ITAT Mumbai)
No Concealment Where Impairment Already Disallowed, Service Tax Credit Properly Expensed & Advance Revenue Properly Accounted–ITAT Mumbai Upholds CIT(A)’s Deletion of 271(1)(c) Penalty;
Revenue appealed against CIT(A)’s deletion of penalty of ₹80.73 lakh levied u/s 271(1)(c) on three additions made in assessment—(i) impairment loss on fixed assets (₹1.66 crore), (ii) service tax receivable (₹18 lakh), & (iii) advance subscription revenue (₹63.91 lakh). The assessee had not filed a quantum appeal, but contested the pen...
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