2021 (1) TMI 528

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.... present appeal has been preferred by the assessee against the order dated 27.05.2016 of the Commissioner of Income Tax (Appeals)-1, Ludhiana pertaining to 2010-2011 assessment year. 2. The assessee in this appeal has agitated the confirmation of penalty levied by the AO u/s 271(1)(c)of the Income Tax Act, 1961 (hereinafter referred to as 'the Act') . 3. The assessee admittedly is a Co-operative....

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....isallowance of deduction made by the AO in respect of interest income from other banks. The AO also levied penalty in respect of disallowance of deduction claimed by the assessee u/s 80(P) of the Act of Rs. 2,52,378/- claimed as business income of the assessee society. The penalty so levied by the AO has been confirmed by the ld. CIT(A) vide impugned order. 4. I have heard the rival contentions....

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.... to the aforesaid income was put on record and there was no effort to conceal any income. 5. Considering the above submissions and after going through the record, I find that the assessee in this case has put a bonafide claim under a mistaken belief that the assessee was entitled to claim deduction on the aforesaid income. However, there was not effort by the assessee to conceal any income or to ....