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TMI Blog2012 (7) TMI 941X X X X Extracts X X X X X X X X Extracts X X X X ..... tion 115JB. In these circumstances, we feel the Tribunal was justified in accepting and holding that the case is covered by Explanation 1 Clause (B) to Section 271(1) and had correctly dismissed the appeal of the Revenue deleting the penalty - Decided against revenue - I.T.A. No. 2140/Del/2012 - - - Dated:- 10-7-2012 - Shri R.P. Tolani, Judicial Member And Shri Shamim Yahya, Accountant Member ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . The Assessing Officer made the following disallowances in this case. a) Deduction u/s. 80IA of the normal provisions of the computation was rejected. b) Foreign tour expenses are disallowed. c) Expenses u/s. 14A made in the normal provisions of the computation was disallowed. d) Addition on account of differential sugar cane price. e) Provision for doubtful debt. f) Provision f ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ffected had it shown in its return of income, the book profits as computed by the Assessing Officer. Ld. Commissioner of Income Tax (A) further noted that adjustment on account of provision for bad and doubtful debts was upheld in appeal on account of retrospective amendment made to section 115JB. Ld. Commissioner of Income Tax (A) further noted that the penalty for concealment levied by the Asse ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he rival contentions in light of the material produced and precedent relied upon. Ld. Counsel of the assessee at the threshold submitted that on account of similar additions in A.Y. 2006-07 and 2007-08, the Tribunal had deleted the levy of penalty in the hands of the assessee. 7. Ld. Departmental Representative could not controvert these submissions of the counsel for the assessee. 8. We hav ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 8) 305 ITR 409 (SC) and submitted that no adjustment was required to be made for provision for bad and doubtful debts under clause (c) of the Explanation to Section 115JB. In these circumstances, we feel the Tribunal was justified in accepting and holding that the case is covered by Explanation 1 Clause (B) to Section 271(1) and had correctly dismissed the appeal of the Revenue deleting the penalt ..... X X X X Extracts X X X X X X X X Extracts X X X X
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