9911796707
TMI Blog2022 (11) TMI 715X X X X Extracts X X X X X X X X Extracts X X X X ..... resented by : None Department represented by : Ms. Sarita Kumari , CIT - DR ORDER PER KUL BHARAT , JM : This appeal, by the Revenue, is directed against the order of the learned Commissioner of Income-tax (Appeals), National Faceless Appeal Centre (NFAC), Delhi, dated 03.11.2021, pertaining to the assessment year 2008-09. The Revenue has raised following grounds of appeal: 1. Whether the Ld. CIT(A) is correct in law in deleting the penalty imposed u/s 271(1)(c) of the Income Tax Act, 1961 particularly when the Assessing Officer had levied penalty after feeling satisfied that the assessee has concealed its income and thus furnished inaccurate particulars of its income. 2. The Appellant reserves right to add, a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n reference to CAG s observation/report was basically to strengthen the fund management of the Assessee Board. The assessee accounted for Rs. 4657 lacs as an income from the sale of data from DGH. From the perusal of the records it can be seen that from accounting purposes it is taken as outstanding on 31st March, 2008 and a sum of Rs. 13.28 crores was realized in the next assessment year and has been accounted for as income. This fact was no where denied by the Revenue. Thus, the CIT(A) has totally Ignored this aspect and simply on the basis of change of accounting policy which is also changed according to the CAG report which is mandatory for the Assessee Board to follow, confirmed the addition. The same is not justified as the accounting ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... u/s. 271(1)(c) of the Act, vide impugned order dated 18.03.2016, has been deleted by the Hon ble IT AT, New Delhi, E-Bench, vide order dated 19.12.2020 (supra). Accordingly, I am of the considered opinion that the concealment penalty levied by the AO has no legs to stand and cannot be sustained and, therefore, the AO is directed to cancel the impugned penalty order. Thus, the grounds of appeal raised by the assessee are allowed on account of deletion of addition made in the quantum proceedings by the Hon ble ITAT. 10.0 In the result, the appeal filed against penalty order u/s 271(1)(c) of the Act for AY 2008-09 is allowed. 5. The Revenue has not rebutted the finding of the learned CIT(Appeals) that quantum addition on the basis ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
