9911796707
TMI Blog2017 (9) TMI 1947X X X X Extracts X X X X X X X X Extracts X X X X ..... nature is hereby deleted and the ground of appeal raised by the assessee is allowed. - ITA No. 5812/Del/2015 - - - Dated:- 6-9-2017 - Shri H.S. Sidhu, Judicial Member And Shri Prashant Maharishi, Accountant Member For the Assessee : Sh. S.K. Gupta, CA. For the Revenue : Sh. Shravan Gotru, Sr. DR. ORDER The Assessee has filed the Appeal against the Order dated 21.8.2015 of the Ld. CIT(A)-29, New Delhi pertaining to assessment year 2012-13 on the following grounds:- 1. That the Ld. CIT(A) has erred both on facts and law by confirming an addition of ₹ 4,26,000/- out of Interest payable in EDC charges terming the same as penal in nature. 2. That each ground is independent of and without prejudice to the other ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... at total loss (-) ₹ 6,37,38,926/- vide order dated 02.3.2015 passed u/s. 143(3) of the Act. 3. Against the Order of the AO, assessee appealed before the Ld. CIT(A), who vide impugned order dated 21.8.2015 has partly allowed the appeal by allowing ₹ 1,70,22,000/- and treated it as business expenditure being revenue in nature, and ₹ 4,26,000/- was not allowed being penalty in nature and confirmed the same. 4. Aggrieved with the aforesaid impugned order of the Ld. CIT(A), Assessee is in Appeal before the Tribunal against not allowing ₹ 4,26,000/- being penalty in nature and confirmed. 5. At the time of hearing, Ld. Counsel of the assessee has stated that issue in dispute is squarely covered by the Order dated 2 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... at it did anything that was prohibited by law, payment in question did not fall within mischief of Explanation below section 38(12) Held, yes whether, therefore, assessee s claim was to be allowed Held, yes [para 5] [in favour of assessee] 8. Keeping in view of the facts and circumstances of the case and respectfully following the precedent, as aforesaid, we are of the considered view that the facts and circumstances of the case of the assessee s case is exactly the similar and identical to the decision of the Hon ble High Court in the case of CIT vs. Enchante Jewellery Ltd. (Supra). Therefore, respectfully following the aforesaid decision of the Hon ble Delhi High Court in the case of CIT vs. Enchante Jewellery Ltd. (Supra), th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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