2017 (9) TMI 169

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....enue is in appeal against the judgement of the Income Tax Appellate Tribunal dated 09.11.2016 raising following questions for our consideration: 1. Whether the Appellate Tribunal is right in law and on facts in upholding the order of the CIT (A) and thereby cancelling the penalty of Rs. 20,05,740/- levied under section 271(1)(c) of the I.T.Act? 2. Whether the Appellate Tribunal is right in law a....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....eptance of the proposition made by the AO during the course of the assessment proceedings show that the assessee never filed any inaccurate particulars of income. Merely because a claim of deduction made by the assessee did not find favour with the AO, the levy of penalty u/s 271(1)(c ) of the act cannot be justified. For this proposition, we draw support from the decision of Hon'ble Supreme Court....