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TMI Blog2023 (1) TMI 272X X X X Extracts X X X X X X X X Extracts X X X X ..... the computation of statement of income filed along with the return, it is clear that the assessee has not claimed deduction u/s 80P(2)(d) of the I.T.Act with reference to the interest income received from RECL. Since the assessee has not claimed deduction u/s 80P(2)(d) of the I.T.Act with reference to the interest income earned on investments with RECL, we find penalty u/s 270A of the I.T.Act c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2018-2019, the return of income was filed on 03.10.2018 declaring `Nil income after claiming deduction u/s 80P of the I.T.Act. The assessee had received interest of Rs.3,09,697 from Rural Electrification Corporation Limited (RECL) in respect of investment made. The Assessing Officer while completing the assessment u/s 143(3) of the I.T.Act on 05.04.2021, made addition of a sum of Rs.3,09,697 on t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... posing penalty of Rs.1,85,214 (being 200% of the amount of tax payable u/s 270A(8) of the I.T.Act). 3. Aggrieved, the assessee filed appeal before the first appellate authority. Before the first appellate authority, the assessee raised various contentions vide its letter dated 03.05.2022, which are extracted at para 3 of the impugned order of the CIT(A). However, the contention raised was rejec ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... led rectification application before the A.O. The learned Counsel furnished the computation of statement of income for the relevant assessment year. 5. The learned Departmental Representative supported the orders of the A.O. and the CIT(A). 6. We have heard rival submissions and perused the material on record. On perusal of the computation of statement of income filed along with the return, ..... X X X X Extracts X X X X X X X X Extracts X X X X
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