2013 (12) TMI 10

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... ot entitled to deduction - As there is no malafide intention, the assessee cannot be imposed penalty - The claim made by the assessee under Section 80IB(10) of the Act was legal and valid subject to verification - Decided against Revenue. - ITA No.311 of 2013 - - - Dated:- 29-10-2013 - N Kumar And Rathnakala, JJ. For the Appellant : Sri E I Sanmathi, Adv For the Respondent : Sri. S Par .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... he assessee was confronted with the same. The assessee withdrew the deduction claimed, paid the tax as well as the interest. It is thereafter, penalty proceedings were initiated on the ground that but for the survey, the same could not have been detected and therefore penalty was imposed. The assessee preferred an appeal. The appellate authority dismissed the appeal confirming the imposition of pe .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... d to withdrew the deduction, conceded to the demand and paid the tax and interest. There was no dishonest intention on the part of the assessee in claiming the deduction. The very fact that when it had been pointed out to the assessee, that the assessee paid the tax and interest shows that the assessee has no malafides. Now that the law is settled and the assessee is eligible for the said deductio .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X