section 271(1)(c)
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
12 March 2011
Whether the disallowances of expenditure is consider as concealment if not support it with any case law???????
12 March 2011
Penalty can't be levied.
Citation : (Case/Appeal No: Civil Appeal No. 2463 of 2010) C.I.T. Vs. Reliance Petroproducts Pvt. Ltd. Supreme court decision dt 17/3/2010.
Held that merely because the assessee had claimed the expenditure, which claim was not accepted by the Revenue, that by itself would not attract the penalty under Section 271(1)(c)of the Income tax Act,1961.
Citation : (Case/Appeal No: Civil Appeal No. 2463 of 2010) C.I.T. Vs. Reliance Petroproducts Pvt. Ltd. Supreme court decision dt 17/3/2010.
Held that merely because the assessee had claimed the expenditure, which claim was not accepted by the Revenue, that by itself would not attract the penalty under Section 271(1)(c)of the Income tax Act,1961.
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