2021 (1) TMI 281

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....eja, Sr. DR ORDER Per Dr. B. R. R. Kumar, Accountant Member: The present appeal has been filed by the revenue against the order of the ld. CIT(A)-22, New Delhi dated 08.09.2015. 2. Following grounds have been raised by the assessee: "1. On the facts and circumstances of the case and in law, Ld. CIT(A) has erred in reducing the penalty u/s 271(1)(c) of the I.T, Act, 1961 to Rs.....

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....ee to show by cogent and reliable evidence that there was no concealment of income and which the assessee has failed to do. 4. On the facts and circumstances of the case and in law, Ld. CIT(A) has erred in reducing the penalty u/s 271(1)(c) of the I.T. Act, 1961 to Rs. 1,35,900/- as against penalty of Rs. 3,86,00,000/- imposed by the AO on the ground that some of the additions made were o....

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...., penalty u/s 271(1)(c) has been levied on the additions made by the Assessing Officer under various heads viz. disallowance u/s 40(a)(ia), disallowance of provision for sales incentives, disallowance of claim of deduction u/s 80IC, disallowance of exchange loss and addition made in respect of foreign exchange gains. 3. At the very outset, it was brought to our notice that the quantum additions....