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TMI Blog2017 (1) TMI 1855X X X X Extracts X X X X X X X X Extracts X X X X ..... has filed the present appeal against the order dated 29.01.2015 passed by the Commissioner of Income Tax (Appeals) 1, Mumbai [hereinafter referred to as the "CIT(A)"] relevant to the A.Y.2008-09 2. The revenue has raised the following grounds:- "1. That on the facts and circumstances of the case and in law, the Ld. CIT(A), erred in cancelling the penalty levied u/s.271(1)(c), by concluding that ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ). However, the assessment was completed after denying exemption u/s.11 of the Act, because the assessee was not having registration certificate u/s.12AA of the Act for A.Y.2008- 09. Thereafter, the Assessing Officer initiated the penalty in view of section 271(1)(c) of the Act and levied the penalty to the tune of Rs.13,07,173/-. The assessee filed an appeal before the CIT(A) who allowed the appe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... claim by furnishing the inaccurate particulars by claiming taxable income as Nil whereas the assessee was not entitled to claim the exemption because he was not having the registration u/s.12AAof the Act for the relevant assessment year. In brief he was not having the exemption u/s.12AA of the Act for the relevant assessment year but sought the exemption u/s.12AAof the Act for the assessment year ..... X X X X Extracts X X X X X X X X Extracts X X X X
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