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2016 (2) TMI 915 - ITAT MUMBAI

2016 (2) TMI 915 - ITAT MUMBAI - TMI - Penalty u/s 271(1)(c) - bad debts deduction u/s 36(2) disallowed by AO on the ground that the claim has not been satisfactorily explained by the assessee - Held that:- Even if, it is presumed that a wrong claim was made, still, it cannot be concluded that the assessee furnished inaccurate particulars or concealed its income. The decision from Hon’ble Apex Court in Reliance Petro Products Ltd. (2010 (3) TMI 80 - SUPREME COURT ), holding that mere making a wr .....

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nder Singh (Judicial Member) The assessee is aggrieved by the impugned order dated 17/06/2014, of the ld. First Appellate Authority, Mumbai, confirming the penalty of ₹ 17,496/- imposed u/s 271(1)(c) of the Income Tax Act, 1961 (hereinafter the Act). 2. During hearing, the ld. counsel for the assessee, Shri Dhirendra M. Shah, contended that the disallowance was made purely on technical ground and even if a wrong claim is made with respect to bad debt still no penalty is leviable. Alternati .....

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been satisfactorily explained by the assessee. Penalty u/s 271(1)(c) amounting to ₹ 17,496/- was levied. On appeal, before the ld. Commissioner of Income Tax (Appeals), it was affirmed. The assessee is in further appeal, before this Tribunal. In the present appeal, the assessee declared total income of ₹ 1,36,56,264/- on 26/09/2008 and the assessment was completed on 22/12/2010 u/s 143(3) of the Act, determining the income at ₹ 1,38,11,260/-. While doing so, the ld. Assessing .....

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