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TMI Blog2019 (11) TMI 910X X X X Extracts X X X X X X X X Extracts X X X X ..... en deleted and assessee s claim of deduction under section 80IAB of the Act in respect of such income has been allowed by the Tribunal, penalty imposed under section 271(1)(c) of the Act cannot survive. Revenue s appeal is dismissed. - ITA no.1693/Mum./2017, C.O. No.235/Mum./2018 (Assessment Year: 2010–11) - - - Dated:- 12-7-2019 - SHRI SAKTIJIT DEY, JUDICIAL MEMBER AND SHRI N.K. PRADHAN, ACCOUNTANT MEMBER Assessee by: Shri D.G. Pansari Revenue by: Shri Sanat Kapoor ORDER PER SAKTIJIT DEY. J.M. Aforesaid appeal by the Revenue and cross objection by the assessee arise out of order dated 23rd November 2016, passed by the learned Commissioner of In ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... was initiated alleging furnishing of inaccurate particulars of income and ultimately he proceeded to impose penalty under section 271(1)(c) of the Act for an amount of ₹ 82,26,553. The assessee challenged the aforesaid addition before learned Commissioner (Appeals). After considering the submissions of the assessee in the context of certain judicial precedents cited before him, learned Commissioner (Appeals) deleted the penalty imposed under section 271(1)(c) of the Act. 4. At the outset, learned Counsel appearing for the assessee submitted that while deciding the quantum appeal of the assessee arising out of the assessment order, the Tribunal has accepted assessee s claim that interest income earned from fixed deposit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... mposed have been deleted and assessee s claim of deduction under section 80IAB of the Act in respect of such income has been allowed by the Tribunal, penalty imposed under section 271(1)(c) of the Act cannot survive. In view of the aforesaid, we do not find any reason to interfere with the decision of learned Commissioner (Appeals) in deleting the penalty imposed. Grounds raised are dismissed. 7. In the result, Revenue s appeal is dismissed. C.O. no.235/Mum./2018 By Assessee Arising out of Revenue s Appeal in ITA no.1693/Mum./2017 8. In grounds raised in the cross objection, the assessee has challenged the validity of the penalty order on certain lega ..... X X X X Extracts X X X X X X X X Extracts X X X X
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