2015 (10) TMI 2497

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....ER For the Appellant: Sh. Vivek Nangia ORDER PER H.L.KARWA, VP   This appeal filed by the Revenue is directed against the order of CIT(A), Chandigarh dated 16.07.2014 in cancelling the penalty of Rs. 61,13,801/- imposed u/s 271(1)(c) of the Income-tax Act, 1961 (in short 'the Act') relating to assessment year 2010-11. 2. Briefly stated the facts of the case are that the....

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....rticulars of income. The Assessing officer issued a show cause notice to the assessee and in response to the same, the assessee submitted its reply on 20.6.2013 stating that the counsel of the assessee filed revised computation during the assessment proceedings because the revised return was not acceptable through E-filing. There was no intention to conceal the income or furnishing of inaccurate p....

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....pugned amounts in the statement of income was of the then Counsel and moreover, it cannot be said that anyone had benefitted by not adding back the impugned amounts, since the appellant co-operative society is an undertaking of Government of Punjab. The explanation furnished by the appellant is bonafide and so the impugned penalty levied is cancelled. Grounds of appeal taken by the appellant are a....