Penalty u/s 271(1)(C) ::
Court :
HC
Brief :
Held by the Hon`ble Court that, the books of accounts revealed that the expenses were incurred by the assessee but not able to produce the proper vouchers for the expenses incurred and this is not amount to concealment of income. Therefore Penalty under section 271(1)(c) is not permissible on the basis of addition of income by disallowing expenses.
Citation :
C.I.T. Vs. Cafco Syndicate Shipping Co.
Penalty u/s 271(1(c)
C.I.T. Vs. Cafco Syndicate Shipping Co. 07/23/2007 [2007] 294 ITR 134 (Mad)
Case Fact:
Whether, Penalty under section 271(1)(c) is permissible on the basis of addition of income by disallowing expenses? Decision:
Held by the Hon`ble Court that, the books of accounts revealed that the expenses were incurred by the assessee but not able to produce the proper vouchers for the expenses incurred and this is not amount to concealment of income. Therefore Penalty under section 271(1)(c) is not permissible on the basis of addition of income by disallowing expenses.
CA.Saibaburao Nanduri
Published in Income Tax
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