TaxTMI 
TaxTMI 
2021 (5) TMI 894
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....): This appeal in ITA No.3179/Mum/2019 for A.Y.2015-16 arises out of the order by the ld. Commissioner of Income Tax (Appeals)-20, Mumbai in appeal No.CIT(A)-20/IT-10405/2017-18 dated 29/03/2019 (ld. CIT(A) in short) in the matter of imposition of penalty u/s.271(1)(c) of the Income Tax Act, 1961 (hereinafter referred to as 'Act') 2. The only issue to be decided in this appeal is as to whether t....
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....of issuing bogus receipts for donation for commission. This was alleged to have been done by SHGPH in connivance with donors, brokers and accommodation entry providers by indulging in an organized scheme of tax evasion. During the assessment proceedings of the assessee, the assessee withdrew this claim of weighted deduction u/s 35(1)(ii) of the Act in the sum of Rs. 70 lacs. Accordingly, the same....
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.... by indulging in organized scheme of tax evasion by getting back cash in the instant transaction of giving contribution to SHGPH. Despite this, the assessee had come forward to withdraw its claim of weighted deduction in order to purchase peace from the department , though the entire facts relating to the said claim of deduction was available in the return of income itself supported by various do....
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....tution has been withdrawn by the competent authority subsequently. The purpose of this Explanation is that the bonafide belief of the assessee (donor institution) at the time of making contributions should be respected and it cannot be faulted for the fraudulent acts, if any, committed by the donee institution. Despite this , the assessee had come forward to offer the said claim of weighted deduct....