M/s Himachal Fashion Pvt. Ltd. vs. The ITO, Ward 6(3), Ludhiana
Parties Involved
Facts Summary
The assessee company, M/s Himachal Fashion Pvt. Ltd., claimed a deduction of Rs. 75,17,116/- under section 80-IC of the Income-tax Act, 1961. The company was required to file its return of income for the assessment year 2012-13 on or before 30.09.2012. However, the return was filed belatedly. An opportunity was given to the assessee to show cause why the deduction should not be disallowed, which the assessee failed to do satisfactorily. Consequently, the deduction was disallowed and added to the taxable income. Penalty proceedings were initiated under section 271(1)(c) of the Income Tax Act, 1961 for furnishing inaccurate particulars of income. The assessee appealed against the penalty order to the Commissioner of Income Tax (Appeals), Ludhiana, which was dismissed. The assessee then appealed to the Income Tax Appellate Tribunal.…
Decision in favour of
Assessee
Legal Issues
- 1. Whether the imposition of penalty under Section 271(1)(c) of the Income Tax Act, 1961 for filing inaccurate particulars of income is justified when the return is filed belatedly.
Judgment Outcome
Decided in favour of Assessee.
Precedents Relied Upon
4 precedents cited in this judgement.
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