Subscription   Feedback   New User   Login      
Tax Management India .com
TMI - Tax Management India. Com
Articles Highlights TMI Notes SMS News Newsletters Calendar Imp. Links Database Experts Contact us More....
Extracts
Home List
← Previous Next →

TechNVision Ventures Ltd. Versus DCIT Rg. 8 (3) , Mumbai-20

2015 (10) TMI 1431 - ITAT MUMBAI

Penalty u/s.271(1)(c) - variation in the claim of deduction u/s.10A - Held that:- In the quantum proceedings the AO has disallowed the claim on some income/expenditure which was partly allowed by the CIT(A). However, the CIT(A) has reduced the claim u/s.10A by allowing certain expenditure which were claimed by assessee against other unit. On the issue of imposition of penalty for wrong claim of expenditure, the Hon’ble Supreme Court in the case of Reliance Petroproducts Ltd. (2010 (3) TMI 80 - S .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

fault which attracts the penalty. Here in this case the CIT(A) was satisfied and completed the proceedings by making enhancement. However, he has not initiated any penalty proceeding. Hence no merit in the penalty levied with reference to variation in the amount of claim for deduction u/s.10A - Decided in favour of assessee. - ITA No.1287/Mum/2013 - Dated:- 10-6-2015 - SHRI R.C.SHARMA AND MS. SUSHMA CHOWLA, JJ For The Assessee : Shri Jitendra Singh For The Revenue : Shri Neil Philip ORDER PER R. .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

for deduction u/s.10A. In the appeal, the CIT(A) has reversed the order of AO and held that this income is eligible for claim of deduction u/s.10A. The Tribunal confirmed the order of the CIT(A) on this ground. However, the CIT(A) has enhanced the income by ₹ 50 lakhs on the plea that assessee has claimed expenditure of this unit against other unit not eligible for deduction u/s.10A, thereby profit of eligible unit was increased for claiming higher deduction. 3. Similarly while computing .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

Act and the same was confirmed by the CIT(A) on the plea that assessee has wrongly claimed expenditure of eligible unit against other unit. Against the order of CIT(A) assessee is in further appeal before us. 6. It was contended by the ld. AR that mainly penalty is imposed with reference to income of ₹ 50 lakhs enhanced by the AO by revising the claim of deduction u/s.10A. He contended that since the enhancement was done by CIT(A), therefore, he should initiate the penalty and record his s .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

f ld. DR was that assessee has wrongly claimed expenditure of eligible unit against non-eligible unit so as to claim higher deduction u/s.10A, accordingly the AO was justified in levying penalty for such a wrongful claim. 9. We have considered rival contentions, carefully gone through the orders of the authorities below and found that penalty has been levied with reference to variation in the claim of deduction u/s.10A. In the quantum proceedings the AO has disallowed the claim on some income/ex .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

 

 

 

 

 

what is new what is new
  ↓     bird's eye view     ↓  


|| Home || Acts and Rules || Notifications || Circulars || Schedules || Tariff || Forms || Case Laws || Manuals ||

|| About us || Contact us || Disclaimer || Terms of Use || Privacy Policy || TMI Database || Members || Site Map ||

© Taxmanagementindia.com [A unit of MS Knowledge Processing Pvt. Ltd.] All rights reserved.

Go to Mobile Version