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TMI Blog2018 (2) TMI 1711X X X X Extracts X X X X X X X X Extracts X X X X ..... aim of the Assessee, by the Revenue would not by itself lead to penalty as held by the Apex Court in CIT v/s. Reliance Petrochemicals Pvt. Ltd. [2010 (3) TMI 80 - SUPREME COURT] - Decided in favour of assessee. - Income Tax Appeal No. 826 of 2015 - - - Dated:- 23-1-2018 - M.S. SANKLECHA RIYAZ I. CHAGLA, JJ. Mr. A. R. Kotangle with Mr. Prabhakar Ranshur i/b. Padma Divakar, for the Appellant. Mr. K. Gopal with Mr. Tanmay Phadke and Ms. Neha Paranjpe, for the Respondent. P.C: This Appeal under Section 260A of the Income Tax Act, 1961 (the Act), challenges the order dated 30th January, 2015, passed by the Income Tax Appellate Tribunal (the Tribunal). The impugned order dated 30th January, 2015, set aside the order dated ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , the addition of ₹ 76.22 lakhs as accrued interest income was accepted by the Respondent in quantum proceedings. 5 Thereafter, the Assessing Officer issued a show cause notice, calling upon the Respondent-Assessee why penalty under Section 271 (1) (c) of the Act should not be imposed upon it. The Respondent-Assessee by reply dated 18th January, 2012 offered its explanation, pointing out that there has been neither any concealment of income nor furnishing of inaccurate particulars of income on its part. The Respondent-Assessee further pointed out that during the previous year relevant to subject Assessment Year in the Balance Sheet and Profit Loss Account, the Notes on Account therein, particularly Notes 13 14 thereof, indicate ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... h the explanation offered. Therefore, imposed a penalty on the ground that the Respondent had furnished inaccurate particulars of income, and visited it with penalty under Section 271 (1)(c) of the Act at 100% of tax sought to be evaded i.e. ₹ 23.55 lakhs. 7 On further appeal, the Commissioner of Income Tax (Appeals) [CIT(A)], by an order dated 25th February, 2015 confirmed the penalty imposed by the Assessing Officer. 8.On further appeal, the Tribunal in the impugned order reproduced Notes 13 14 of Notes of Account as reproduced herein above. Thereafter, it records the fact that the Respondent-Assessee had adopted an accounting policy that the accrued interest both receivable and payable with regard to loans granted/ taken ..... X X X X Extracts X X X X X X X X Extracts X X X X
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