2022 (6) TMI 1298

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....he assessee is directed against the order passed by the CIT(A) on 11-03-2020 confirming the penalty of Rs.24,37,233 imposed by the Assessing Officer (AO) u/s 271(1)(c) of the Income-tax Act, 1961 (hereinafter referred to as 'the Act') in relation to the assessment year 2014-15. 2. Briefly stated, the facts of the case are that the assessee debited to its Profit & loss account - Education cess on ....

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.... gone through the relevant material on record. It is apparent from the assessment order itself that the assessee, when pointed out by the AO, admitted its inadvertent mistake in not adding back the above amounts totalling to Rs.78.26 lacs in the computation of total income, which were debited to the Profit & loss account. It is clear from the nature of the amounts and the way of their depiction th....