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2015 (4) TMI 1093 - ITAT MUMBAI

2015 (4) TMI 1093 - ITAT MUMBAI - TMI - Penalty under Section 271(1)(e) - disallowance of claim made by the assessee under the head interest paid - Held that:- Any addition made by the AO should not lead to automatic levy of concealment penalty. Making a disallowance is different from levying penalty u/s.271(1)(c) of the Act. Fact of the case are that she had paid interest amounting to Rs. ₹ 32.40 lacs, that she was under the bonafide belief that the same was an allowable expenditure, that .....

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ri Sachinanand Dube Order u/s.254(1)of the Income-tax Act,1961(Act) PER RAJENDRA, AM Challenging the order dt.22.12.2011 of the CIT(A)-11,Mumbai,assessee has raised following Grounds of Appeal: I. The Learned Assessing Officer as well as the Learned Commissioner of Income Tax (Appeals), on the facts and circumstances of the case as well as in law, erred in levying and confirming the penalty under Section 271()(e) of IT Act, 1961 amounting to ₹ 49,558/-. Without prejudice to other grounds o .....

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s advise and she was under honest and bonafide belief that whatever interest paid against property is allowable against the Income from House Property. Without prejudice to other Grounds of Appeal. The learned A.O has erred in calculating minimum penalty at ₹ 49,558/against minimum penalty, if leviable, at ₹ 42,299/-. The appellant craves, leave to add to, alter substitute or withdraw any grounds of this appeal at any stage of the appeal. 2.During the course of hearing before us, the .....

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the assessee wherein she has reiterated the above facts. Considering the facts and circumstances mentioned in the application and the affidavit, we are of the opinion that it is a fit case for condoning the delay in filing the appeal before the Tribunal. 3.Effective ground of appeal is about penalty levied us.271(1)(c)of the Act, amounting to ₹ 49,558/-by the AO for filing inaccurate particular of income. Return of income, declaring total income of ₹ 1,68,174/-,was filed by the asse .....

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ners entered into lease agreement with bank of Punjab limited, the agreements were entered into on 22.5.2003, that the co-owners approached the bank over a term loan against the rent receivable, that the bank sanctioned the term loan facility. After considering the agreements entered with the Bank, the AO held that taking of loan was an act subsequent to acquisition of the impugned property, the issue fell beyond the provisions of sec.24(b) of the Act, that she was not entitled for the said dedu .....

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ns of the assessee, the AO held her explanation was very general in nature, that the additions made by the then AO were confirmed in appellate proceedings, that she had furnished inaccurate particulars of income invoking the provisions of sec.271(1)(c).The AO levied penalty of ₹ 49,558/-. 3.Aggrieved by the order of the AO, the assessee preferred an appeal before the First Appellate Authority(FAA).Before him, the assessee argued that she was not conversant with accounts and taxation matter .....

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