TMI Blog2015 (7) TMI 433X X X X Extracts X X X X X X X X Extracts X X X X ..... taking a chance whether its return would be selected for scrutiny assessment or not. Once, the return was accepted u/s 143(1) of the Act, the assessee took a sigh of relief without realizing that its return can be to be re-opened u/s 147 of the Act. Even after receiving notice u/s 148, the assessee continued to take a chance but this time could not get any success. - Following decision of Zoom Communication (P) Ltd [2010 (5) TMI 34 - DELHI HIGH COURT] - Penalty amount reduced - Decided partly in favour of Revenue. - ITA No. 5363/Mum/2013 - - - Dated:- 6-2-2015 - N. K. Billaiya, AM And Amit Shukla, JM,JJ. For the Appellant : Shri Asghar Zain V P For the Respondent : Shri Jitendra Nahar ORDER Per N K Billaiya(A.M. ) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e Tribunal. The Tribunal in the case of M/s Intersil (India) Private Limited V/s DCIT in ITA No.8370/Mum/2010(AY-2005-06) dated 15.1.2014 has considered this issue in para 5.1 at page 4 of its order and vide para 5.2 set aside the issue to the file of the AO to verify the claim of the assessee whether the stock has become obsolete/destroyed. 4. The penalties u/s 271(1)(c) of the Act has been levied on these two deductions i.e. ₹ 14,27,654/- and ₹ 12,75,872/- claimed by the assessee in its return of income. In so far as the claim of loss of ₹ 14,27,654/- as mentioned hereinabove, the matter has been restored to the file of the AO for fresh adjudication. We, therefore, set aside the levy of penalty on this amount to the f ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rned income. First when it filed the return of income, the assessee could have revised the return of income and secondly, when it filed return of income in pursuance to the notice u/s 148 of the Act. The assessee agreed for the addition only when it was pointed out by the AO during the course of reassessment proceedings regarding its claim in respect of a capital loss. Merely because, the assessee did not preferred any appeal against the said disallowance does not make it an inadvertent mistake. Reliance placed by the assessee on the decision of the Hon'ble Supreme Court (supra) and in the case of Jurisdictional High Court (supra) is misplaced as in these cases the assessee admitted its mistakes at the very first instance when it was po ..... X X X X Extracts X X X X X X X X Extracts X X X X
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