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2015 (10) TMI 2497 - ITAT CHANDIGARH

2015 (10) TMI 2497 - ITAT CHANDIGARH - TMI - Penalty u/s 271(1)(c) - claim of capital gain tax, property tax and fringe benefit tax not an allowable deduction - CIT(A) deleted the penalty - Held that:- It is observed that the assessee is a Cooperative society and an undertaking to Government of Punjab. It is claimed that the assessee had engaged a professional for preparing and filing of the income tax return. It is stated that assessee has submitted revised computation during the course of asse .....

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then counsel and moreover it cannot be said that anyone had been benefitted by not adding back the impugned amount, since the assessee is an undertaking of Government of Punjab. In our opinion, the order of CIT(A) is based on appreciation of facts and therefore, we decline to interfere with the order of CIT(A). - Decided against revenue - ITA No. 838/Chd/2014 - Dated:- 26-10-2015 - SHRI H.L.KARWA, HON'BLE VICE PRESIDENT & MS. RANO JAIN, ACCOUNTANT MEMBER For the Appellant: Sh. .....

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42,58,928/- against the returned income of ₹ 9,77,46,340/-. The Assessing officer noticed that assessee had claimed expenses for capital gain tax, property and fringe benefit tax in the profit and loss account. According to Assessing officer, the claim of capital gain tax, property tax and fringe benefit tax is not an allowable deduction. However, in the computation of income, the assessee itself added back the fridge benefit tax amounting to ₹ 1,88,721/-. Therefore, the Assessing of .....

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evised return was not acceptable through E-filing. There was no intention to conceal the income or furnishing of inaccurate particulars of income. The Assessing officer has straightway rejected the contention of the assessee and imposed a penalty of ₹ 61,13,801/- u/s 271(1)(c) of the Act for concealment of income by furnishing of inaccurate particulars of income. 3. On appeal, the CIT(A) cancelled the penalty, observing as under:- 5.2 The Ld, Counsel has explained t .....

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