9911796707
TMI Blog2022 (3) TMI 842X X X X Extracts X X X X X X X X Extracts X X X X ..... considered opinion, the deduction claimed by the assessee is not due to any mala fide intention but on a bona fide belief. In any case of the matter, as held by the Hon'ble Supreme Court in case of CIT vs. Reliance Petro Products [ 2010 (3) TMI 19 - SUPREME COURT] disallowance of a deduction claimed by the assessee by itself cannot lead to furnishing of any inaccurate particulars of income - Decided in favour of assessee. - ITA No. 6165/Del/2018 - - - Dated:- 11-3-2022 - Shri Saktijit Dey, Judicial Member And Dr. Brr Kumar, Accountant Memberr For the Appellant : Shri Ankit Gupta, Adv. For the Respondent : Shri Umesh Takyar, Sr. DR ORDER PER SAKTIJIT DEY: JUDICIAL MEMBER: Instant appeal has been filed by th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in why the expenditure claimed should not be disallowed under Section 43B of the Act and the income to that extent should not be enhanced. Though, the assessee objected to the proposed enhancement, however, learned Commissioner (Appeals) rejecting the objection of the assessee added back the amount of ₹ 42,83,727. Based on the addition so made, he initiated proceeding for imposition of penalty under Section 271(1)(c) of the Act, alleging furnishing of inaccurate particulars of income. Ultimately, he passed an order imposing penalty of ₹ 13,23,672. 3. Before us, learned counsel for the assessee submitted that though the assessee had challenged the addition made by learned Commissioner (Appeals) by filing a cross objection befo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... is discernible that interest was charged to assessee s OD account by the bank and the assessee had increased its liability to that extent. It is also the submission of the assessee that the OD account limit had been reduced to the extent of interest debited by the bank. To demonstrate this fact, assessee drew our attention to the ledger account copy. It is a fact on record that learned Commissioner (Appeals) has imposed penalty under Section 271(1)(c) of the Act, alleging furnishing of inaccurate particulars of income. However, facts on record clearly reveal that all material relating to the interest component was furnished before the departmental authority. In fact, learned Commissioner (Appeals) has found the interest on OD account from ..... X X X X Extracts X X X X X X X X Extracts X X X X
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