2021 (5) TMI 894

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....fter referred to as 'Act') 2. The only issue to be decided in this appeal is as to whether the ld. CITA was justified in confirming the levy of penalty in the sum of 22,71,150/- u/s 271(1)(c ) of the Act in the facts and circumstances of the case. 3. We have heard the rival submissions and perused the materials available on record. We find that the assessee had filed its return of income for the Asst year 2015-16 on 29.9.2015 declaring total income of Rs. 3,72,87,290/-. In the return of income, the assessee claimed deduction of Rs. 70 lacs u/s 35(1)(ii) of the Act at the rate of 175% of actual contribution made in the sum of Rs. 40 lacs to School of Human Genetics and Population Health (SHGPH) . There was a survey u/s 133A of the Act ....

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....e 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 documents furnished during the course of assessment proceedings. The entire addition was sought to be made ultimately based on the evidences gathered in the course of survey proceedings u/s 133A of the Act carried out in the premises of SHGPH ( donee institution) and statements recorded from their office bearers. No where in the said statements, the office bearers had even whispered the name of the assessee or payments given back to assessee in cash in lieu of contributions made by assessee to ....