76 results for “penalty u/s 271”+ Section 2(14)clear
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In the result, appeal filed by the Revenue is allowed for statistical purposes
Bench: Shri V. Durga Rao & Shri K.M. Roy, Accountant, Member
penalty levied u/s 271(1)(c) without appreciating the fact that the assessee had deliberately claimed excess deduction under the head "Bad and Doubtful Debts" without routing through P&L Account which was not allowable under the I.T. Act, 1961? 2) Whether on the facts and circumstances of the case and in law, the CIT(A) was correct in holding