N K PROTEINS PVT. LIMITED,AHMEDABAD vs. THE DY. COMMISSIONER OF INCOME TAX, CIRCLE- 3(1)(1), AHMEDABAD
In the result, penalty u/s 271(1)(c) of the Act is directed to be deleted and the appeal of the assessee is allowed
ITA 463/AHD/2022[2011-12]Status: DisposedITAT Ahmedabad13 Jun 2024AY 2011-12
Bench: Shri Siddhartha Nautiyal (Judicial Member), Shri Makarand V. Mahadeokar (Accountant Member)
For Appellant: Shri Vartik Choksi, A.RFor Respondent: Shri Ketan Gajjar, CIT-D.R
Section 194HSection 250Section 271(1)(c)Section 40
Section 194H.
6. On the facts and circumstances of the case, the Ld.CIT(A) has erred in confirming the disallowance of transaction charges of Rs.1,30,29,338/- in as much as there is no obligation on the part of assessee to recover such amount from the client and the assessee is following consistent practice not to recover such charges
