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M/s Bentex Control & Switchgear Co, C/o M/s Bhatia Behl & Associates Versus ACIT Circle-27 (1) , New Delhi

2016 (3) TMI 533 - ITAT DELHI

Penalty u/s 271(1)(c) - Disallowance u/s 14A - Held that:- It is pertinent to note that the assessee submitted audited balance sheet, P & L account, audit report and Form 3CD were duly filed during the assessment proceedings. There was no defect or deficiency was found or pointed out by the Assessing Officer in the books of account or in other documents, details or record filed by the assessee. During the course of penalty proceedings, the assessee voluntarily offered the amount of ₹ 17,09 .....

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Jaiswal, DR For the Respondent : Shri R S Singhvi, CA ORDER Per Suchitra Kable, JM This appeal is filed against the order dated 21/11/2013 passed by CIT (A)-XXIV, New Delhi. This appeal is filed by the Assessee for the Assessment Year 2009-10. 2. The grounds of appeal are as follows:- "1. That on the facts and circumstances of the case, the order of the Ld. CIT(A) is bad in law as well as on the facts of the case. 2. That on the facts and circumstances of the case the Ld. CIT(A) grossly er .....

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e appeal. 3. The assessee is a partnership firm carrying on the business of manufacturing, sale and purchase of electrical goods such as Electrical Motors, Starters, Electrical Meter, MCB and other electrical goods. The Assessee filed its return of income for the relevant Assessment Year 2009-10 on 29.09.2009 declaring income of ₹ 46,49,170/-. The case of the assessee was selected for scrutiny. During the course of assessment the Assessing Officer noted that the assessee had made the inves .....

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he assessee for the year under consideration. The scrutiny assessment of the assessee firm was completed u/s. 143(3) of the Act on 27.12.2011 wherein the Assessing Officer assessed the income of the assessee at ₹ 65,01,950/- after making the additions of ₹ 17,09,920/- on account of disallowance of interest and ₹ 1,42,860/- out of discount and rebate. The Assessing Officer also initiated penalty proceedings u/s. 271(1)(c) of the Income Tax Act, 1961 on the ground that the assess .....

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nce the assessee has neither concealed the particulars of such income. The assessee has maintained proper books of accounts in the normal course of business. These books of accounts were subject to tax audit by an independent Chartered Accountant. The audited balance sheet, P & L account, audit report and Form 3CD were duly filed during the assessment proceedings. No defect or deficiency was found or pointed out by the Assessing Officer in the books of account or in other documents, details .....

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#8377; 17,09,920/- was not voluntary by the assessee. The assessee offered the disallowance only when pointed out during the course of assessment about the application of Rule 8D read with Section 14A. Accordingly, the Assessing Officer imposed the penalty of ₹ 5,28,360/- u/s. 271(1)(c) of the Income Tax Act, 1961. 4. Being aggrieved the assessee filed appeal before the CIT(A). The CIT(A) dismissed the appeal of the assessee holding that the assessee furnished inaccurate particulars of inc .....

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