2018 (1) TMI 1384

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..... ncome Tax Appellate Tribunal (ITAT) confirmed by CIT(A) order. The Assessing Officer (AO) has imposed penalty on the ground that the assessee had filed inaccurate particulars under Section 271(1)(c) of the Income Tax Act, 1961 ('the Act'). The finding rendered was that the payment made under the VRS scheme could have been deducted only to the extent of 20% under Section 35DDA of the Act. The CIT ( .....

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..... e Act and, could result in a justifiable penalty under Section 271(1)(c) of the Act. It was ruled that such could not be the consequence and the penalty was set aside. Having regard to the circumstance that the lower Appellate Authority has rendered a concurrent finding favouring the assessee and the benefits are granted in terms of the previous decision in Dalmia's case (supra), this Court is of .....

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