2019 (11) TMI 910

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....DHAN, ACCOUNTANT MEMBER Assessee by: Shri D.G. Pansari Revenue by: Shri Sanat Kapoor ORDER PER SAKTIJIT DEY. J.M. Aforesaid appeal by the Revenue and cross objection by the assessee arise out of order dated 23rd November 2016, passed by the learned Commissioner of Income Tax (Appeals)-8, Mumbai, deleting the penalty imposed under section 271(1)(c) of the Income Tax Act, 1961 (for sh....

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....d by the assessee is required to be assessed under the head income from other sources, hence, would not be eligible for deduction under section 80IAB of the Act. Accordingly, rejecting assessee's claim of deduction under section 80IAB of the Act in respect of interest income, the Assessing Officer completed the assessment by treating the interest income as income from other sources. On the basis o....

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....aim that interest income earned from fixed deposit and advances given to the contractor as well as income received from lease rental SEZ is the business income of the assessee and accordingly allowed assessee's claim of deduction under section 80IAB of the Act. Thus, he submitted, since the addition on the basis of which the Assessing Officer imposed penalty under section 271(1)(c) of the Act has ....

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....ss, hence, allowed assessee's claim of deduction under section 80IAB of the Act. Undisputedly, on the basis of the aforesaid additions made by the Assessing Officer, penalty under section 271(1)(c) of the Act was imposed. Therefore, when the additions on the basis of which the penalty under section 271(1)(c) of the Act was imposed have been deleted and assessee's claim of deduction under section 8....