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2016 (10) TMI 976 - BOMBAY HIGH COURT

2016 (10) TMI 976 - BOMBAY HIGH COURT - TMI - Penalty u/s 271(1)(c) - inaccurate particulars intending to evade taxes by not adding back an amount u/s 43B - Held that:- We find that there are concurrent findings of fact by the CIT(A) as well as the Tribunal that the mistake in not adding back the interest not paid on advances and loans to the income during the subject assessment years was a bona fide mistake. This mistake, it held, was on account of the fact that the amendment to Section 43B(e) .....

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a/w Ms. Samiksha Kanani for the appellant None for the respondent ORDER P. C. 1. This Appeal under Section 260A of the Income Tax Act, 1961 (the Act) challenges the order dated 23rd October, 2013 passed by the Income Tax Appellate Tribunal (the Tribunal). The impugned order is in respect of Assessment Year 200405. 2. The Revenue urges only following question of law for our consideration : (i) Whether on the facts and in the circumstances of the case and in law, the Tribunal was correct in uphol .....

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t of ₹ 2.89 crores in terms of Section 43B(e) of the Act being the interest paid on term loans. The Assessing Officer during the assessment proceedings added the further amount of ₹ 5.09 crores to the income being the interest payable on loan and advances as not satisfying the provisions of Section 43B(e) of the Act. Consequently, penalty proceedings were also initiated in the assessment order against the respondent assessee. 4. The respondent assessee carried the issue in quantum pr .....

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e respondent assessee explained that the failure to add back the amount of ₹ 5.09 crores was a bona fide mistake on its part in view of the recent amendment to Section 43B(e) of the Act. This mistake it submitted was clear from the fact that the amounts paid as interest on terms loans were added back by it in terms of unamended Section 43B(e) of the Act. However, the Assessing Officer was not satisfied with the Explanation of the respondent assessee and imposed a penalty of ₹ 1.82 cr .....

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