2018 (11) TMI 1247

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....the facts and in the circumstances of the case and in law, the Ld.CIT(A) is correct in deleting the penalty of Rs. 40,03,864/- imposed by the A.O. u/s 271(1)(c) of the Act on account of disallowance of prior period expenses, loss created due to posting error and expenses claimed on account of provisions made for unascertained liabilities ignoring the fact that the assessee had made claim which is not only incorrect in law but is also without any basis and the claim of the assessee was not bonafides and the final fact finding authority i.e. the Hon'ble ITAT has also confirmed the additions on which the penalty has been imposed by A.O. 2. The appellant craves leave for receiving the right to amend, modify, add or forego any ground of....

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....nce of assets written off of Rs. 24,68,840, by holding that the said ground has become infructuous. The Respondent craves leave to add, amend, vary , omit or substitute, any or all of the above grounds of cross objections, at any time before or during the hearing of the appeal. The Respondent prays for appropriate relief based on the said grounds of cross objections and the facts and circumstances of the case." 2. Brief facts of the case are as under: Assessee filed its return of income on 30/11/06 declaring total income of Rs. 33,07,71,939/-. Subsequently the return was revised on 28/03/08 showing total income of Rs. 31,85,25,884/-. The revised computation showed set off of unabsorbed business loss and depreciation loss b....

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....y demand (while computing book profit under section 115 JB) amounting to Rs. 29,706,000/-. Due to rectification order passed by Ld.AO under section 154 dated 27/02/13, penalty that was challenged before the Ld.CIT (A) was in respect of provision for import duty demand amounting to Rs. 2,97,06,000/- in computation of book profit under section 115 JB of the Act. 3.1. Ld.CIT (A) deleted the penalty by following decision of Hon'ble Delhi High Court in case of Shrevani Hospitalities vs. CIT (ITA No. 804/2011). 4. Aggrieved by the order of Ld.CIT(A) revenue is in appeal before us, in which assessee has also preferred Cross Objection. 5. ITA No. 3358/Del/2016 The only ground raised by revenue is in respect of the penalty being de....