TMI Blog2019 (1) TMI 149X X X X Extracts X X X X X X X X Extracts X X X X ..... years, we find force into the contention of the assessee that due to bonafide mistake, claim was made. Therefore, respectfully following the judgement of the Hon'ble apex court rendered in the case of Price Waterhouse Coopers Pvt. Ltd. Vs. CIT (2012 (9) TMI 775 - SUPREME COURT), we direct the A.O. to delete this penalty. - decided in favour of assessee. - ITA No.708/Ind/2017 - - - Dated:- 2-1-20 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... present appeal are that case of the assessee was reopened and the assessment u/s 148 r.w.s. 143(3) of the Act was framed vide order dated 16.2.2015. While framing the assessment, the A.O. disallowed claim of deduction u/s 10B of the Act and initiated penalty u/s 271(1)(c) of the Act. Subsequently, penalty of ₹ 3,44,995/- was imposed. Aggrieved by this, the assessee preferred an appeal befor ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... u/s. 10B of the Act. (ii) For AX. 2009-10, the company filed its return declaring total income of after claiming exemption of Rs. u/s 10B. The taxable income of comprises interest income shown under the head income from Other sources . (iii) Assessment u/s 143(3) was completed at returned income, During assessment proceedings complete details, books etc. were produced, and in the asses ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 43(3) on 16/02/2015 and made assessment at the same returned income of ₹ 722050, and While calculating book profit he did it without deducting ₹ 4715363 as per amendment. Penalty proceeding initiated u/s 271(1)(c) for filing inaccurate particulars of income. 3. Per contra, Ld. D.R. opposed these submissions and supported order of the Ld. CIT(A). 4. We have heard the rival submis ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... see offered it for taxation. It is not disputed that the deduction was withdrawn by an amendment in law w.e.f. 1.4.2008. Under these facts, more particularly that assessee has been allowed deduction in earlier years, we find force into the contention of the assessee that due to bonafide mistake, claim was made. Therefore, respectfully following the judgement of the Hon'ble apex court rendered ..... X X X X Extracts X X X X X X X X Extracts X X X X
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