2022 (6) TMI 832

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....l and it was submitted that this is due to COVID-19 Pandemic and also there was certain issue with new portal of Income Tax Department which was not functioning for the last four months. In this regard assessee also filed an affidavit. Ld.DR agreed that there is a disturbances in filing of various cases due to COVID-19 pandemic. After considering the submissions of both the parties, we condone the delay and admit the appeal for adjudication. 3. Aggrieved with the order of the Ld.CIT(A) assessee has preferred an appeal before us raising following grounds in its appeal: - "1. The learned Assessing Officer has erred In levying penalty u/s 271(1)(c) of the Income Tax Act, 1961 on the ground that the validity of penalty order passed by the le....

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....e time of hearing Prayer/Relief, claimed 1. To quash the penalty order u/s 271 (1)(c) 2. To delete the penalty u/s 271 (1)(c) wrongly sustained, by, CIT-Appeals 3. Any other relief as deemed fit in circumstances of the case." 4. At the time of hearing, Ld. AR brought to our notice Page No. 1 of the Paper Book to indicate that the show cause notice issued u/s. 274 r.w.s. 271(1)(c) of the Act is not proper in which Assessing Officer has not highlighted on which ground the penalty was initiated, whether on furnishing inaccurate particulars of income or concealment of income. Further he brought to our notice finding of the Assessing Officer in the Assessment Order in Para No 14 in which Assessing Officer has indicated that assessee has....

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....pproved only by the Director STPI it would not be a valid approval. Hence the exemption u/sec 10B was denied due to event of decision delivered by Hon Delhi High Court in the case of CIT vs Regency creations Ltd (2012) 27 Taxman 322. It is pertinent to note that the Delhi High Court decision was made available on 17/09/2012 i.e. after filing of return on 30/09/2011 for relevant assessment year 2011-12. And also it is submitted that as the appellant company had satisfied all other conditions the deduction u/sec 10B was allowed in the previous two assessment years i.e Assessment Year 2009-10 and 2010-11. Hence at the time of filing of income tax return for Assessment Year 2011-12 the assessee had made bona fide claim of deduction u/s 10B ke....