2019 (1) TMI 149

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.... D.R. ORDER PER KUL BHARAT, J.M: This appeal by the assessee pertaining to the assessment year 2009-10 is against order of the CIT(A)-II, Indore dated 18.9.2017. The assessee has raised following grounds of appeal: 1. On the facts and in the circumstances of the case, Ld. CIT(A) erred in confirming the penalty u/s 271(1)(c) of the Act. 2. Appellant reserves right to add,....

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....as made in the written synopsis. The submissions of the assessee are as under: The above referred appeal is filed against the penalty order passed u/s 271(1)(c) Which was initiated in the reassessment order made u/s 148/143(3) dated 16/02/2015. The ground for initiating referred penalty proceeding was "submission of inaccurate particulars of income" as per the reassessment order. In this ....

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....ed exempt u/s. 10B was deductible up to preceding year i.e. AY 2008-09. The deduction of exempt income has been Withdrawn bv the recent Finance Act 2007 01/04/2008 only. Even Ld. AO also failed to take notice of amendment While passing assessment order u/s. 143(3) even though he discussed about and allowed claim u/s. 10B, (v) Subsequently notice u/s 148 dated 28/03/2014 was issue....

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.... submitted that due to amendment in law, the deduction u/s 10B of the Act was withdrawn by the Finance Act, 2007 w.e.f. 1.4.2008. The reliance is placed on the judgement of the Hon'ble Delhi High Couirt rendered in the case of CIT Delhi-2 Vs. Compro Technologies P. Ltd. (2015) 55 Taxmann.com 180 (Del) and the judgement of the Hon'ble Supreme Court in the case of Price Waterhouse Coopers Pv....