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TMI Blog2018 (8) TMI 1832X X X X Extracts X X X X X X X X Extracts X X X X ..... o pay a sum in addition to taxes, if any, payable by him, which shall not be less than the addition but which shall not exceed three times the amount of tax sought to be evaded by reason of concealment of income or furnishing of inaccurate particulars of income. In other words, the quantification of the penalty is depended upon the addition made to the income of the assessee. In the instant case addition stands deleted by order of the Hon ble Gujarat High Court cited supra, therefore ld.CIT(A) has rightly deleted the penalty under section 271(1)(c) - Decided against revenue. - ITA No. 31/Ahd/2017 Assessment Year: 2010-11 - - - Dated:- 1-8-2018 - Shri Rajpal Yadav And Shri Waseem Ahmed, JJ. Revenue by : Shri Surendrakumar, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... registration under section 12A of the Income Tax Act and it was recognised as a charitable institution. The ld.AO took cognizance of the proviso appended to section 2(15) of the Act wherein definition of charitable purpose has been provided. He held that activities of the assessee were out of the purview of section 2(15), as the assessee was carrying out advancement of any other objects of general public utility, which are not charitable in nature. Accordingly, the ld.AO did not grant exemption under sections 11 and 12 of the Act. Since benefit of section 11 was denied to the assessee, therefore, its income has increased which was considered by the AO for visiting the assessee with penalty. 5. Dissatisfied with the treatment gi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ition but which shall not exceed three times the amount of tax sought to be evaded by reason of concealment of income or furnishing of inaccurate particulars of income. In other words, the quantification of the penalty is depended upon the addition made to the income of the assessee. In the instant case addition stands deleted by order of the Hon ble Gujarat High Court cited supra, therefore ld.CIT(A) has rightly deleted the penalty under section 271(1)(c). In view of this, we confirm the order of the ld.CIT(A) in canceling the impugned penalty and reject grounds of appeal of the Revenue. 5. In the result, the appeal of the Revenue is dismissed. Pronounced in the Open Court on 1st August, 2018. - - TaxTMI - TMIT ..... X X X X Extracts X X X X X X X X Extracts X X X X
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