9911796707
TMI Blog2018 (3) TMI 1603X X X X Extracts X X X X X X X X Extracts X X X X ..... s directed against the order by the Commissioner of Income Tax (Appeals) dated 01.12.2015 and pertains to the assessment year 2009- 10. 2. The grounds of appeal read as under: 1. In the facts and circumstances of the case and in law, the learned A.O. erred in levying penalty of Rs. 22,42,719/- in respect of the claim of deduction u/s. 36(1)(viia). 2. In the facts and circumstances of the case ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ing as under: 4. We have heard the rival contention of both the parties. We find that the assessee has merely failed to provide the provision in bad debt and doubtful debt though the provision is made as per RBI guidelines in the earlier was excess. The assessee has directly claimed the deduction in computation of income instead of providing same in the books for debting in the P & L account as ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tuation the ITAT has confirmed the deletion of the penalty, on same facts penalty cannot be levied. Hence, respectfully following the decision of the co-ordinate bench in the assessee's own case, we set aside the orders of the authorities below and delete the levy of penalty.
6. In the result, this appeal by the assessee stands allowed.
Order pronounced in the open court on 23.03.2018 X X X X Extracts X X X X X X X X Extracts X X X X
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