https://www.taxtmi.com/caselaws?id=445851 ITAT Delhi ruled in favor of a PSU power generation company, deleting penalty u/s 271(1)(c) for furnishing inaccurate particulars. The Tribunal found no malafide intention as the company was a government statutory organization, not a private entity. The income difference arose from adjustments to provisions for ex-gratia leave salary, gratuity, and doubtful debts under section 115JB. Since the Tribunal had already deleted the ex-gratia provision disallowance in quantum appeal, penalty was unwarranted. Additionally, the doubtful debts disallowance was based on retrospective amendment by Finance Act 2009, which didn't exist when the original return was filed in 2005-06. No penalty can be levied for additions based on retrospective law changes. en-us Fri, 17 Nov 2023 00:00:00 +0530 Mon, 20 Nov 2023 10:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=445851 ITAT Delhi ruled in favor of a PSU power generation company, deleting penalty u/s 271(1)(c) for furnishing inaccurate particulars. The Tribunal found no malafide intention as the company was a government statutory organization, not a private entity. The income difference arose from adjustments to provisions for ex-gratia leave salary, gratuity, and doubtful debts under section 115JB. Since the Tribunal had already deleted the ex-gratia provision disallowance in quantum appeal, penalty was unwarranted. Additionally, the doubtful debts disallowance was based on retrospective amendment by Finance Act 2009, which didn't exist when the original return was filed in 2005-06. No penalty can be levied for additions based on retrospective law changes. Case-Laws Income Tax Fri, 17 Nov 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=445851