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2017 (8) TMI 184 - HC - Income TaxPenalty under Section 271(1)(c) - addition on account of sundry balances written off which was not suo motto offered for taxation even though the same was taken into consideration for claiming deduction under Section 80IB - Held that:- After examining the entire evidence on record that the assessee on realizing the mistake that sundry debtors written off had not been added in the computation of total income, submitted before the Assessing Officer to make the addition of the same amount in the computation of income for the year under consideration. The assessee, thus, offered explanation to the Assessing Officer. It was further noticed that the amount of sundry balances written off had already been added back in the computation of income of Baddi Unit of the assessee company on which deduction under Section 80IC of the Act had been claimed. The assessee explained that due to inadvertent mistake, the same was omitted to be added back in the computation of its income. Thus, the Tribunal concurred with the findings recorded by the CIT(A) and dismissed the appeal filed by the revenue. - Decided in favour of assessee.
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