9911796707
TMI Blog2024 (11) TMI 308X X X X Extracts X X X X X X X X Extracts X X X X ..... f Reliance Petroproducts Pvt. Ltd [ 2010 (3) TMI 80 - SUPREME COURT] is categorically applicable in the assessee s case and, therefore, the penalty levied under Section 271(1)(c) of the Act is not justifiable on the part of the Assessing Officer. Thus, the penalty is deleted. Appeal of the assessee is allowed. - Ms. Suchitra Kamble, Judicial Member And Shri Makarand Vasant Mahadeokar, Accountant Member For the Assessee : Shri Suresh Gandhi, A.R. For the Revenue : Shri Sudhakar Verma, Sr. DR ORDER PER SUCHITRA KAMBLE, JUDICIAL MEMBER: This appeal is filed by the Assessee against order dated 29.12.2021 passed by the CIT(A), National Faceless Appala Centre (NFAC), Delhi for the Assessment Year 2008-09. 2. The assessee has raised the followin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ng were made by the Assessing Officer :- Additions/Disallowances Amount of Addition (Rs.) Whether Penalty u/s.271(1)(c) initiated Decision of CIT(A) Additions confirmed by ITAT Adjustment made in International Transaction 3,34,28,873 Yes Confirmed the addition Confirmed the CIT(A) decision. Disallowance of GDR issue 15,02,592 Yes Confirmed the addition Confirmed the CIT(A) decision Disallowance of misc. expenses 3,15,333 Yes Issue not in appeal Issue not in appeal Disallowance of Foreign Exchange Fluctuation 1,26,73,306 (57,76,604 + 68,96,702 Yes Confirmed the addition Deleted the addition of Rs. 57,76,604 and confirmed the addition Rs. 68,96,702/- 3.1 A show cause notice under Section 271(1)(c) of the Act was issued on 14.07.2017 for which ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... for non-levy of the penalty under Section 271(1)(c) of the Act. The Ld. AR further submitted that merely making of a claim which is not sustainable in law by itself will not amount to furnishing inaccurate particulars of income of the assessee. The Ld. AR relied upon the decision of Hon ble Apex Court in the case of CIT vs. Reliance Petroproducts Pvt. Ltd. (2010) 322 ITR 15 (SC). 6. The Ld. DR relied upon the Assessment Order and the order of the CIT(A) as well as the Penalty Order. 7. We have heard both the parties and perused all the relevant material available on record. It is pertinent to note that in quantum appeal the Tribunal has confirmed the addition in respect of disallowance of loss on Forex Derivatives treating it as speculative ..... X X X X Extracts X X X X X X X X Extracts X X X X
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