Tribunal held that profits embedded in freight receipts were not taxable in India and deleted demand raised on assessee Thus when the quantum addition made by AO was deleted by Tribunal, there remained no basis for levy of penalty under section 271(1)(c). (AY. 2013-14)
LRS Management v. Dy. CIT (IT) (2023) 200 ITD 19(Rajkot)(Trib)
S. 271(1)(c) : Penalty-Concealment-Quantum addition stood deleted by Tribunal there remained no basis for levy of penalty under section 271(1)(c)