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TMI Blog2019 (10) TMI 902X X X X Extracts X X X X X X X X Extracts X X X X ..... tion and accepted the returned income. In the light of the aforesaid stated facts, once the foundation has been removed, the superstructure must fall. Since the basis for the levy of penalty i.e. the disallowances made in the assessment order has been removed, the penalty so levied deserves to be deleted. Therefore, we decline to interfere with the findings of the CIT(A). Appeal filed by the Re ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... by the ld. CIT(A). 3. The roots for the levy of penalty lie in the assessment order dated nil framed under section 143(3) of the Act. While scrutinizing the return of income, the AO found that the assessee company has paid to M/s Jindal Power Limited in lieu of the debit notes raised by M/s Jindal Power Limited with respect to salary expense and travelling expenses. The AO was of t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... not apply. 6. The submissions did not find any favour with the AO who was the firm belief that payments made to Jindal Power Limited are covered within the meaning of any work as envisaged within the provisions of Section 194(C) of the Act. The AO disallowed ₹ 3,49,30,243/- under section 40(a)(ia) of the Act. 7. The quarrel travelled up to the Tribunal and the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... has offered the income in its return of income on furnishing the section 139 of the income tax , incorporated such income in its return of income , has paid the due tax thereon and he furnishes requisite certificate as prescribed therein that no disallowance be made. Therefore, if the assessee would like to have the benefit of this particular proviso by furnishing requisite certificate is an ment ..... X X X X Extracts X X X X X X X X Extracts X X X X
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