2021 (9) TMI 1255

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....Suchitra Kamble, JM This appeal is filed by the Revenue against the order dated 30/08/2017 passed by CIT(A)-8, New Delhi for assessment year 2013-14. 2. The grounds of appeal are as under: "Whether the Ld. CIT(A) has erred in deleting the penalty of Rs. 58,97,366/- levied by the AO u/s. 271(1)(c) on account of deduction u/s. 35(2AB) as the assessee not voluntarily disclosed the fact....

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....ent year under consideration, tax payable on return income under normal provisions of the Act, was less than tax payable on book profits u/s. 115JB of the Act therefore return of income was filed, declaring tax payable under section 115JB of the Act. The case was taken up for scrutiny and assessment u/s. 143(3) of the Act was completed by assessing officer on 05.02.2016, determining assessed incom....

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....re also initiated by the Assessing Officer, for furnishing inaccurate particulars of income. During the penalty proceedings, the Assessing Officer issued penalty notice dated 05.02.2016 fixing the hearing date on 14.04.2016 and another penalty show cause notice was issued on 12-08-2016 fixing the date of hearing on 19.08.2016. In response to penalty show cause notice(s), no reply was submitted on ....

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....vailable on record. The CIT(A) has give a categorical finding that the assessee was under the genuine belief that approval will be granted by the appropriate authority i.e. DSIR and accordingly made the claim for deduction u/s. 35(2AB) of the Act for the Assessment Year under consideration. But the approval was granted by DSIR w.e.f. 01.04.2013 and, therefore, the assessee withdrawn the weighted d....