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TMI Blog2016 (3) TMI 580X X X X Extracts X X X X X X X X Extracts X X X X ..... ctfully following the decision of Hon'ble Madras High Court (supra), delete the penalty. - Decided in favour of assessee - ITA No.114/Ind/2014 - - - Dated:- 1-12-2015 - DT GARASIA, JM BC MEENA, AM For the Petitioner : Shri Ajay K Chhajed, Adv. For the Respondent : Shri R A Verma, DR ORDER PER: D T GARASIA: This appeal of the assessee is directed against the order of ld. CIT(A)-I, Bhopal, dated 6.11.2013, confirming the penalty of ₹ 3,40,000/- u/s 271(1)(c) of the Income-tax Act, 1961. 2. The brief facts of the case are that the assessee is a Private Limited Company engaged in the business of agro based industry having solvent extraction plant and refinery. The assessee filed its return of income for as ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... osition of law that penalty proceedings and assessment proceedings are separate and merely because a disallowance has been made in the quantum proceedings does not ipso facto lead to an inference or conclusion that the assessee is liable to be penalized on such additions made in the quantum proceedings. Penalty is to be levied only if an income has either been concealed or inaccurate particulars have been furnished in respect of any income. On the given facts, it would be noted that the assessee made a claim u/s BOHHC amounting to ₹ 30.27.846/-. However, the Assessing Officer in his wisdom reduced such claim to ₹ 21,71,698/-. The difference arose on account of various items of incomes as identified in the Assessment Order, 90% o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of income, 90% of which were required to be reduced as per the opinion of Assessing Officer. However, according to the assessee, all such receipts were eligible for the benefit u/s 80HHC. The computation of claim u/s 80HHC had been certified by a Chartered Accountant who had also in his wisdom and opinion certified these receipts to be eligible for the benefit/reduction u/s 80HHC. The assessee has a legal right to make a claim, which according to the assessee, it is eligible to. Merely because such claim has been negated by the Department does not put it in the category concealment of income or furnishing of inaccurate particulars in respect of any income. 4. The ld. Authorized Representative further relied upon the decisions, of Hon&# ..... X X X X Extracts X X X X X X X X Extracts X X X X
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