Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2015 (3) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2015 (3) TMI 45 - AT - Income TaxPenalty u/s 271(1)(c ) - addition in respect of downward impact of retention of price subsidy and 80IA in respect of Captive Power Plant - Held that:- As the quantum additions have been deleted by this Bench of ITAT for the assessment year 2003-04. Since quantum additions were deleted, we see no reason to interfere in the order of the ld. CIT(A). - Decided against revenue. Addition on account of wrong deduction u/s 80IA - Held that:- In view of the vexed legal history, the AO rejected assessee's explanation and made addition which was not challenged by the assessee in appeal for any reason. In these facts and circumstances of the case, the assessee's non-appealing of the issue does not tantamount to admission of addition in terms of Mak Data (P) Ltd. vs. CIT (2013 (11) TMI 14 - SUPREME COURT) judgment. Since all the material particulars were filed by the assessee along with return of income and they were part of the return. The ratio of Reliance Petro Products (P) Ltd. (2010 (3) TMI 80 - SUPREME COURT ) is squarely applicable to assessee's case relied for deletion of penalties in respect of IMACID and Captive Power Plant. Ground of the Revenue in respect of miscellaneous income u/s 80IA claim is dismissed. - Decided in favour of assessee
|