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TMI Blog2021 (9) TMI 1255X X X X Extracts X X X X X X X X Extracts X X X X ..... d by the Revenue against the order dated 30/08/2017 passed by CIT(A)-8, New Delhi for assessment year 2013-14. 2. The grounds of appeal are as under: "Whether the Ld. CIT(A) has erred in deleting the penalty of Rs. 58,97,366/- levied by the AO u/s. 271(1)(c) on account of deduction u/s. 35(2AB) as the assessee not voluntarily disclosed the fact of not receiving DSIR Certificate for, deduction u ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ncome under normal provisions of the Act, was less than tax payable on book profits u/s. 115JB of the Act therefore return of income was filed, declaring tax payable under section 115JB of the Act. The case was taken up for scrutiny and assessment u/s. 143(3) of the Act was completed by assessing officer on 05.02.2016, determining assessed income at Rs. 1,92,00,408/- under normal provisions of Act ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... shing inaccurate particulars of income. During the penalty proceedings, the Assessing Officer issued penalty notice dated 05.02.2016 fixing the hearing date on 14.04.2016 and another penalty show cause notice was issued on 12-08-2016 fixing the date of hearing on 19.08.2016. In response to penalty show cause notice(s), no reply was submitted on behalf of the assessee, therefore placing reliance on ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... that the assessee was under the genuine belief that approval will be granted by the appropriate authority i.e. DSIR and accordingly made the claim for deduction u/s. 35(2AB) of the Act for the Assessment Year under consideration. But the approval was granted by DSIR w.e.f. 01.04.2013 and, therefore, the assessee withdrawn the weighted deduction claim by filing revised computation of income before ..... X X X X Extracts X X X X X X X X Extracts X X X X
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