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2016 (9) TMI 2 - ITAT MUMBAIPenalty u/s 271(1)(c ) - claim u/s 35D - Held that:- As find from the record that the assessee has made claim u/s 35D of the Act which was reduced during the course of assessment proceedings when the assessee filed revised calculation u/s 35D and thus the difference of ₹ 5,35,279/- was added to the income of the assessee. We find that the claim of the assessee was also certified by the Chartered Accountant of the assessee and find merit in the submissions of the ld. AR that it was claimed under bonafide belief. The case of the assessee find strong support from number of decisions as placed before the Bench during the course hearing. Thus direct the AO to delete the penalty. - Decided in favour of assessee
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