sec 271 (1)(c)
This query is : Resolved
14 March 2008
can any provide me details of the case law
"2007-TIOL-134-ITAT-DEL.doc"
this is the link which was found in the site taxindiaonline.com
Anybody having the subscription to the above site can get the case law.
matter of the case law given in brief
" There is a major difference between the furnishing of inaccurate particulars of income and furnishing of inaccurate computation of taxable income and this is a case of incorrect computation of income - Assesse Case Upheld"
"2007-TIOL-134-ITAT-DEL.doc"
this is the link which was found in the site taxindiaonline.com
Anybody having the subscription to the above site can get the case law.
matter of the case law given in brief
" There is a major difference between the furnishing of inaccurate particulars of income and furnishing of inaccurate computation of taxable income and this is a case of incorrect computation of income - Assesse Case Upheld"
14 March 2008
"2007-TIOL-134-ITAT-DEL.doc
Loss return filed - AO disallows certain expenses, leading to a major reduction in losses - Penalty u/s 271(1)(c) levied - Assessee argues since its income is in negative, no penalty can be levied - CIT(A) upheld penalty for furnishing incorrect particulars - There is major difference between the furnishing of inaccurate particulars of income and furnishing of incorrect computation of taxable income and this is a case of incorrect computation of income - No penalty is called for - Assessee's appeal upheld : ITAT;
SOURCE:www.taxindiaonline.com-daily updates.
sorry, i dont have subscription to the site.THE ABOVE TEXT I EXRACTED BY USING GOOGLE SEARCH BAR
R.V.RAO
Loss return filed - AO disallows certain expenses, leading to a major reduction in losses - Penalty u/s 271(1)(c) levied - Assessee argues since its income is in negative, no penalty can be levied - CIT(A) upheld penalty for furnishing incorrect particulars - There is major difference between the furnishing of inaccurate particulars of income and furnishing of incorrect computation of taxable income and this is a case of incorrect computation of income - No penalty is called for - Assessee's appeal upheld : ITAT;
SOURCE:www.taxindiaonline.com-daily updates.
sorry, i dont have subscription to the site.THE ABOVE TEXT I EXRACTED BY USING GOOGLE SEARCH BAR
R.V.RAO
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