2024 (3) TMI 1207

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.... P.C. : 1. The following two substantial questions of law are proposed: "a) Whether on the facts and in circumstances of the case and in law the Hon'ble ITAT is right in deleting the penalty u/s. 271(1)(c) levied in respect of addition made of Rs. 139,60,67,639/- on account of disallowance of claim of deduction u/s. 36(i)(viii) holding that the variation in the deduction u/s. 36(1....

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....29,67,083/- under Section 115JA of the Income Tax Act 1961 (the Act). Subsequently, assessee filed revised return of income on 27th February 2001, declaring total income at Rs. 46,53,59,236/- and book profit of Rs. 102,15,58,970/-. The Assessing Officer (AO) completed the assessment by disallowing certain deductions. 3. Assessee challenged the assessment order before the Commissioner of Income ....

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....of assessment proceedings. Assessee claimed such deductions and thereby has furnished inaccurate particulars of income. It is department's case that only because assessee has offered income and not claimed deductions in the return of income would not absolve assessee from the liability of Section 271(1)(c) of the Act. The ITAT, in our view, correctly held that provisions of Section 271(1)(c) of th....