TMI Blog2014 (5) TMI 49X X X X Extracts X X X X X X X X Extracts X X X X ..... ng of inaccurate particulars of income by the assessee - the appellant had disclosed all the primary and material facts and it could not be said that the appellant had concealed his income or had furnished inaccurate particulars of income - the appellant had filed explanation regarding its claim for deduction under section 80-IB of the Act –thus, there is no infirmity in the order of the CIT(A) – Decided against Revenue. - ITA No. 5686/Del/2012 - - - Dated:- 7-3-2014 - Shri G. D. Agrawal And Shri U. B. S. Bedi,JJ. For the Appellant : Ms. Nidhi Srivastava, Sr.DR. For the Respondent : None. ORDER Per G. D. Agrawal, VP : This appeal by the Revenue is directed against the order of learned CIT(A)-XIII, New Delhi dat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nded that this interest income was not pertaining to the appellant and this was pertaining to somebody else. In this regard, the appellant has filed a certificate from Syndicate Bank, Nehru Place Branch, dated 24th April, 2012 wherein the bank has stated that the TDS of Rs.17,542/- deduction u/s 94A in the name of Fashion Factory for F.Y. 2002-03 was deducted by Bank but it has nothing to do with M/s Fashion Factory International Pvt.Ltd. having PAN No.AAACF2660A. Therefore, the contended of the appellant that interest income added by the Assessing Officer of Rs.1,82,353/- was not pertaining to the appellant. Therefore, addition made on the basis of said TDS certificates in the hands of the appellant and subsequently the penalty levied by t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... relied upon the judgment of Hon ble ITAT Delhi Bench in the appellants own case for A.Y. 2001-02 ITA No.588/Del/2009 wherein the penalty levied on account of the 80-IB claim made on interest income was deleted with following observations:- 10. We have heard the parties and have perused the material on record. The assessee is an export house registered under the Govt. of India Export Manufacturing and Exporting Leather Garments Scheme u/s 80IB. The income was received under the duty drawback, DEPB, and interest on FDRs. The assessee claimed deduction, since the receipts were part of the receipts relating to the assessee s industrial undertaking. Full deduction was disallowed, bus such disallowance of claim cannot be said to be, by any st ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t judgment in the case of CIT vs. Dharampal Premchand Ltd. 11 Taxman.com 437 Delhi. Section 271(1)(c), read with sections 80-IA and 80-IB, of the Income-tax Act, 1961 - Penalty - For concealment of income - Assessment year 2001-02 - Assessee was engaged in manufacture of flavoured chewing tobacco and kimam - For relevant assessment year, assessee filed its return wherein deductions under sections 80-IA and 80-IB were claimed - Assessing Officer rejected assessee's claim for deduction - He also levied penalty under section 271(1)(c) on ground that assessee had wrongly claimed deduction in its return of income - On appeal, assessee contended that it had disclosed all material facts pertaining to computation of deduction admissible und ..... X X X X Extracts X X X X X X X X Extracts X X X X
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