2017 (1) TMI 1855

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....PER AMARJIT SINGH, JM: The revenue has filed the present appeal against the order dated 29.01.2015 passed by the Commissioner of Income Tax (Appeals) 1, Mumbai [hereinafter referred to as the "CIT(A)"] relevant to the A.Y.2008-09 2. The revenue has raised the following grounds:- "1. That on the facts and circumstances of the case and in law, the Ld. CIT(A), erred in cancelling the p....

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....tion u/s.11 of the Income Tax Act, 1961 ( in short "the Act"). However, the assessment was completed after denying exemption u/s.11 of the Act, because the assessee was not having registration certificate u/s.12AA of the Act for A.Y.2008- 09. Thereafter, the Assessing Officer initiated the penalty in view of section 271(1)(c) of the Act and levied the penalty to the tune of Rs.13,07,173/-. The ass....

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....ces, it is quite clear that the assessee has raised the false claim by furnishing the inaccurate particulars by claiming taxable income as Nil whereas the assessee was not entitled to claim the exemption because he was not having the registration u/s.12AAof the Act for the relevant assessment year. In brief he was not having the exemption u/s.12AA of the Act for the relevant assessment year but so....