TMI Blog2016 (3) TMI 533X X X X Extracts X X X X X X X X Extracts X X X X ..... curred by the assessee. Thus, the assessee has not furnished any inaccurate particulars or claimed any bogus expenditure. The Assessing Officer as well as the CIT(A) was incorrect in holding that there was inaccurate particulars furnished by the assessee. - Decided in favour of assessee - ITA No. 681/Del/2014 - - - Dated:- 7-1-2016 - R. S. Syal, AM And Suchitra Kable, JM For the Appellant : Shri K K 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 cir ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the assessee submitted before the Assessing Officer that the interest and other expenses disallowable under Rule 8D comes to ₹ 17,09,920/- and offered the same for addition in the income of the 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 assessee has furnished inaccurate particulars of income by ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ee 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 income and was liable for penalty under Clause A of explanation 1 to Section 271(1)(c) of the Income Tax Act, 1961. 5. The AR submitted that the assessee maintained proper books of accounts and the same were subject to tax audit. The assessee submitted audited balance sheet, P L account, audit report and For ..... X X X X Extracts X X X X X X X X Extracts X X X X
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