TMI Blog2018 (12) TMI 1590X X X X Extracts X X X X X X X X Extracts X X X X ..... The only issue is the treatment given by the AO to the claim of the assessee. We are of the considered view that the ratio laid down in Reliance Petroproducts (P.) Ltd. (supra) squarely applies to the present case. Following the above decision, we uphold the order of the Ld. CIT(A). - decided against revenue - ITA No. 1029/MUM/2017 - - - Dated:- 27-12-2018 - Shri Pawan Singh (Judicial Member) And Shri N.K. Pradhan (Accountant Member) For the Assessee : Mr. C.S. Ananthan, AR For the Revenue : Mr. Chaudhary Arun Kumar Singh, DR ORDER PER N.K. PRADHAN, AM This is an appeal filed by the Revenue. The relevant assessment year is 2012-13. The appeal is directed against the order of the Commissioner of Income Tax (Ap ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... at ₹ 64,98,323/- under normal provisions and book profit at ₹ 1,37,89,912/- u/s 115JB of the Act. Thereafter, the assessee filed revised return of income on 26.09.2012 declaring current year s loss of ₹ 64,05,326/- under normal provisions of the Act. In the assessment made u/s 143(3) dated 14.03.2015, the Assessing Officer (AO) made an addition of pre-operative expenses of ₹ 64,05,326/-. He also brought to tax ₹ 7,80,281/- as income from other sources and ₹ 7,551/- as interest income. The AO thus arrived at a total income of ₹ 7,87,830/-. Thereafter, the AO initiated penalty proceedings u/s 271(1)(c) on the disallowance of pre-operative expenses of ₹ 64,05,326/- and interest income of ͅ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d in the instant case on inadmissible claim made by the assessee and hence it is a clear case of filing of inaccurate particulars of income. The Ld. DR reiterates the grounds of appeal and submits that the penalty levied by the AO be confirmed. 6. On the other hand, the Ld. counsel of the assessee relies on the decisions referred by the CIT(A) in appellate order dated 29.11.2016 and submits that the order passed by the CIT(A) be confirmed. 7. We have heard the rival submissions and perused the relevant materials on record. A perusal of the assessment order dated 14.03.2015 passed by the AO clearly indicates that the assessee was in receipt of other income consisting of (i) sale of tender documents of ₹ 7,00,000/- and (ii) intere ..... X X X X Extracts X X X X X X X X Extracts X X X X
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