TaxTMI 
TaxTMI 
TaxTMI 
2022 (11) TMI 1135
X X X X Extracts X X X X
X X X X Extracts X X X X
....Y) 2008-09, 2012-13 and 2014-15 respectively. In ITA No. 550/Srt/2019 and 551/Srt/2019, the assessee has challenged the correctness of penalty levied under Section 271(1)(c) of the Income Tax Act, 1961 (in short, the Act) for the A.Y. 2008-09 and 2012-13 respectively. However, in ITA No. 552/Srt/2019, the assessee has challenged the addition on the quantum assessment for A.Y. 2014-15. All the appeals relate to same assessee, therefore all the appeals were clubbed, heard together and are being decided by this consolidated order to avoid the conflicting decision. 2. In ITA No. 550/Srt/2019,for AY 2008-09 the assessee has raised following grounds of appeal: "1.That on facts, and in law, the learned CIT(A) has grievously erred in confirming ....
X X X X Extracts X X X X
X X X X Extracts X X X X
....,116/- respectively. In the return of income, the assessee has not shown such interest income of aggregating of Rs. 5,24,223/-. The Assessing Officer made addition of such interest income and initiated penalty proceedings. 4. On appeal before the ld. CIT(A) in quantum assessment, the appeal was dismissed. After dismissal of appeal, the assessee was given show cause notice under section 274 read with section 271(1)(c). The Assessing Officer recorded that despite service of show cause notice, the assessee has not availed opportunity to file its explanation. The Assessing Officer, therefore, levied penalty of Rs. 1,62,407/- being 100% of tax sought to be evaded on such additions/disallowances. On further appeal before the ld. CIT(A), penalty ....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... The assessing officer detected such income and made addition thereof. It was clear case of concealed income by no furnishing correct particulars. The assessee still has not come forward to explain the facts. The ld. Sr. DR for revenue prayed for dismissal of appeal. 6. We have heard the submission of ld. Sr.DR for the revenue and perused the record carefully. We find that the Assessing Officer while passing the assessment order, made disallowance of deduction of Rs. 16,972/- and Rs.50,000/- under section 80P(2) and also added interest income of Rs. 5,24,223/- earned from nationalised banks. Interest income of Rs. 5,24,223/- earned from nationalised banks was not disclosed by the assessee in its return of income. We further find that the a....
X X X X Extracts X X X X
X X X X Extracts X X X X
....w that such interest was not earned from coo-operative bank. And initiated and levied penalty under section 271(1)(c) @100% of tax sought to be evaded. The Assessing Officer also added the interest income of Rs. 10,90,550/- on deposit with State Bank of India, such income was not disclosed in the computation of income. The assessing officer added such interest income in the assessment order and also levied penalty @100% of tax sought to be evaded on such addition. The assessing officer levied / worked out penalty of Rs. 495,854/-. On appeal before ld CIT(A) the penalty was upheld. Considering the fact that in appeal for AY 2008- 09, we have deleted the penalty on disallowance made under Section 80P(2) of the Act, therefore, the penalty qua ....
X X X X Extracts X X X X
X X X X Extracts X X X X
....hown certain income under the head "income from other sources", which includes dividend income, Vahivati (administrative income), share transfer fees, rent income, I card income, name change income, notice fee income, stationary income and election form fee aggregating to Rs.146133/-. The assessee also claimed deduction of such income under Section 80P(2). The Assessing Officer disallowed such deduction as such income as it was not earned by assessee from its banking business activities. 14. The Assessing Officer also disallowed interest income of Rs. 5,76,613/- on the deposits with State Bank of India. Before making disallowing, the Assessing Officer issued show cause notice to the assessee. In response to such show cause notice, the asse....
X X X X Extracts X X X X
X X X X Extracts X X X X
....5,76,613/- from State bank of India on deposit of S.S.Y. fund. Before the ld. CIT(A), the assessee filed their written submission. The written submission of assessee is recorded in para 5 of order of ld. CIT(A). In the submission, the assessee has submitted that the assessee has not claimed any wrong deduction in its computation of income and relied on certain case laws that such interest income was allowable for deduction. 16. The ld. CIT(A) after considering the submission of assessee held that similar interest income from S.S.Y. fund was added by Assessing Officer and the same was upheld by Tribunal in A.Y. 2003-04 in order dated 09/5/2006. Thus, the ld. CIT(A) by following the order of Tribunal, upheld the said addition. So far as othe....