9911796707
TMI Blog2023 (3) TMI 667X X X X Extracts X X X X X X X X Extracts X X X X ..... made by the AO in the assessment order. He thereafter by relying on the CBDT circular held that the penalty u/s. 271(1)(c) was not leviable. Before us Revenue has not pointed to any fallacy in the findings of CIT(A) nor has demonstrated that the reliance placed by CIT(A) on the CBDT circular (supra) is misplaced. In such a situation we find no reason to interfere with the order of CIT(A) and thus grounds of Revenue is dismissed. - ITA.No.806/Del./2022 And ITA.No.805/Del./202 - - - Dated:- 14-3-2023 - Shri Anil Chaturvedi, Accountant Member And Shri Yogesh Kumar Us, Judicial Member For the Assessee : Shri Akshat Jain, CA For the Revenue : Sh. Avikal Manu, Sr. DR ORDER PER ANIL CHATURVEDI, A.M. The above appeals ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (ii) Rs. 3,89,27,433/- on account of addition made under Shahenshah Sale Incentive Scheme. (iii) Reduction of claim of deduction u/s. 80IC of Rs. 14,04,654/- (iv) Disallowance of Rs. 2,06,02,623/- on account of disallowance of education cess and secondary higher education cess (v) Disallowance of depreciation of Rs. 1,41,343/- The AO was of the view that with respect to the aforesaid additions that were made, assessee had furnished inaccurate particulars of its income and therefore liable for penalty u/s. 271(1)(c) of the Act. He thereafter vide order dated 16.03.2018 passed u/s. 2 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 03/2017. 4. The Ld. CIT(A) has erred in relying on CBDT Circular No. 25/2015 dated 31.12.2015 which is not applicable in the instant case as additions were also made under MAT provisions u/s 115JB of the I. T. Act, 1961. 5. The Ld. CIT(A) has erred in cancelling the penalty relying upon CBDT Circular No. 25/2015 dated 31/12/2015, as this provisions of Explanation 4 to Section 271(1)(c) of the Income Tax Act, 1961 have been amended w.e.f. 01/04/2016. 6. a) The Ld. Commissioner of Income Tax (Appeals) is erroneous and not tenable in law and on facts. b) The appellant craves leave to add, amend any/all of the grounds of appeal before or during the course of the hearing of the appeal. 4. Similar grounds have been raised ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
