2021 (1) TMI 528

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....k Kumar Khanna, Addl. CIT ORDER The 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') . ....

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....mpugned penalty in respect of the aforesaid disallowance 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 impug....

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....income of the assessee. That all the facts relating 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 no....