TMI Blog2024 (1) TMI 554X X X X Extracts X X X X X X X X Extracts X X X X ..... on ble Supreme Court at that juncture. Thus, the issue was debatable and the assessee has not furnished any inaccurate particulars of income but has simply claimed the deduction. Thus, the penalty itself u/s 271(1)(c) will not be attracted in the present case. Assesee appeal allowed. - Ms. Suchitra Kamble, Judicial Member For the Assessee : Shri Sakar Sharma, A.R. For the Revenue : Shri Sushil Kumar Katiar, Sr. D.R. ORDER These three appeals filed are against the order dated 15- 09-2023 30-11-2018 passed by National Faceless Appeal Centre (NFAC), Delhi for assessment years 2014-15, 2016-17 2017-18. 2. The grounds of appeal are as under:- ITA No. 889/Ahd/2023 A.Y. 2014-15 1. The Ld. CIT(A)-NFAC erred ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s and in law in confirming penalty of Rs. 10,84,036/- u/s 270A of the Act for alleged under reporting of income due to misreporting of income. 2. The Ld. CIT(A)-NFAC erred on facts and in law in not appreciating that the addition to the returned income is only on account of divergent interpretational view of different High Courts as to the admissibility of deduction admissible u/s 80P(2)(a)(i). 3. The Ld. CIT(A)-NFAC erred on facts and in law in not appreciating that the penalty on identical issue stand deleted by the CIT(A) for AY 2013-14 following Supreme Court in reliance Petroproducts Ltd. (210) 322 ITR 158 (SC) Total Tax Effect: 10,84,036/- 3. Firstly we are taking up ITA No. 889/Ahd/2023 for assessment year 2014-15. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s pending before the Hon ble Supreme Court at that juncture. Thus, the issue was debatable and the assessee has not furnished any inaccurate particulars of income but has simply claimed the deduction. Thus, the penalty itself u/s 271(1)(c) will not be attracted in the present case. Beside this, as per the submissions of the ld. A.R. for assessment year 2013-14, the same addition was deleted. Thus, ITA No. 889/Ahd/2023 is allowed. 6. As regards ITA No. 890/Ahd/2023, the ld. A.R. relied upon the decision of Hon ble Allahabad High Court in case of PCIT vs. Baroda Uttar Pradesh Gramin Bank wherein the Hon ble High Court observed that assessee had made a legitimate claim for exemption u/s. 80P(2)(a)(i) which was purely legal in nature and eve ..... X X X X Extracts X X X X X X X X Extracts X X X X
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