Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2016 (3) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2016 (3) TMI 1228 - AT - Income TaxPenalty levied u/s 271(1)(c) - liability u/s 43B disallowed - Held that:- Assessing officer raised the query in the order sheet. It is clear that a photocopy of the Form 3CD annexed by the tax auditor to Form No. 3CA was produced before the lower authorities. It is noticed that at Sr. No.21 of this form, the auditor has mentioned ₹ 16,55,846/- was a liability u/s 43B disallowed during the earlier years and paid during the previous years. Therefore, person who made computation of income for filing income tax return of the assessee claimed that there are expenses for the assessment year 2006-07. This was an inadvertent mistake on the part of the tax auditor. During the course of assessment proceedings, when it came to the notice of the assessee that similar deduction has already been allowed in the preceding assessment year, and the mistake was brought to the notice of the Assessing officer. Thus, considering the entire facts and circumstances of the present case, we are of the opinion that in this case, penalty u/s 271(1)(c) of the Act is not leviable. Accordingly, we cancel the penalty regarding the addition - Decided in favour of assessee.
|