TaxTMI 
TaxTMI 
2020 (10) TMI 1253
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....by the assessee against the order of the Ld. CIT (A)-9, Hyderabad in appeal No. 0194/IACIT, Circle-6(1)/20-15-16, dated 19/05/2017 passed U/s. 271(1)(c) r.w.s 250(6) of the Act for the AY: 2005-06. 2. The assessee has raised several grounds in all its appeal however, the crux of the issue is that the Ld. CIT (A) has erred in upholding the penalty levied by the Ld. AO invoking the provisions of se....
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....me of Rs. 3,72,330/-. 4. Thereafter, assessment U/s. 143(3) r.w.s 153C of the Act was completed accepting the return of income filed by the assessee. Subsequently, the Ld. AO invoked penalty proceedings U/s. 271(1)(c) of the Act and levied penalty on the assessee for Rs. 66,908/- for the AY: 2005-06 by rejecting the plea of the assessee that inadvertently the interest income earned by the assesse....
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....ous banks. The amount of FDs is also not phenomenal. It is also obvious that the Banks would have deducted tax at source for the interest earned by the assessee on its fixed deposits. It is also apparent that as soon as the assessee realised its omission, it had filed the return of income and the same was accepted without any addition. In this situation, we are reminded of the decision of the Hon'....
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....terest gets automatically accumulated with the deposits. The need to evaluate those Fixed Deposits will arise only when funds are required for a specific purpose. In the case of the assessee-HUF it appears that the assessee took stock of the Fixed Deposits when they were in the process of purchasing the house property and the interest earned by those Fixed Deposit was inadvertently omitted to be t....