Assessee claimed deduction in respect of tax paid which was disallowed by the AO. In penalty proceedings the assessee contended that the deduction was claimed on basis of advice given by Chartered Accountant which was rejected and the penalty was levied. Penalty was confirmed by the Tribunal. Dismissing the appeal of the assessee the Court held that there was no material in support of assessee’s claim either in form of evidence of assessee or affidavit of Chartered Accountant. Accordingly the order of Tribunal was affirmed.
Jivanlal and Sons. v. ACIT (2019) 103 taxmann.com 207 / 262 Taxman 24 (Bom.)(HC) Editorial: SLP of assessee is dismissed, Jivanlal and Sons v. ACIT (2019) 262 Taxman 23 (SC)
S. 271(1)(c) : Penalty–Concealment-Tax paid claimed as deduction- Mistake of chartered accountant–Neither the affidavit nor evidence was produced -Levy of penalty is held to be justified. [S. 37(1), 40(ii)]