Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2019 (2) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2019 (2) TMI 1373 - AT - Income TaxPenalty levied u/s. 271(1)(c) - deduction u/s 80 IA which resulted in allowance of double deduction on same profit - HELD THAT:- The assessee lost the appeal before the First Appellate Authority, penalty proceedings were separately initiated on the ground that the assessee claimed deduction u/s 80 IA of the Act and simultaneously claimed u/s 80 HHC of the Act without reducing the profit to the extent claimed deduction u/s 80IA of the Act which resulted in allowance of double deduction on same profit. The Assessing Officer was convinced that the assessee has concealed particulars of income, therefore, invoking explanation- 1 to u/s 271 (1) (c) of the Act penalty was levied. The assessee carried the matter before the CIT(A) and strongly contended that it has not claimed simultaneous deduction intentionally and therefore, it is not a fit case for levy of penalty. Strong reliance was placed on the judgment in the case of Reliance Petro Projects Private Limited [2010 (3) TMI 80 - SUPREME COURT]. After considering the facts and the submission and drawing support from various judicial decision the CIT(A) deleted the penalty so levied. The claim of the assessee is a highly debatable issue as there are conflicting decisions of High Courts and the Tribunal. Though the jurisdictional High Court of Delhi is against the assessee but that is relevant for quantum proceedings. Findings in quantum proceedings may be relevant but are not conclusive or determinative of the penalty proceedings. - Decided against revenue
|