2025 (8) TMI 1498

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....GH YADAV, AM This is an appeal filed by the Assessee against the order of the Ld. CIT(A)/NFAC, Delhi dt. 11/06/2024 pertaining to Assessment Year 2015-16 wherein the sole ground of appeal relates to sustenance of levy of penalty amounting to Rs. 59,249/- under section 271(1)(c) of the Act. 2. Briefly the facts of the case are that the assessee filed its return of income claiming deduction un....

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....venue and capital expenditure incurred on scientific research has been submitted by the assessee and the assessee has the requisite approval granted by the competent authority i.e; Department of Scientific and Industrial Research (DSIR) dt. 29/03/2016 and basis the said approval and the auditor certificate, the deduction has been claimed under section 35(2AB) of the Act. It was submitted that the ....

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.... that there is no basis for levy of penalty by the AO holding that the assessee has furnished inaccurate particulars of income by claiming excess deduction. It was further submitted that given the quantum involved, the assessee has not preferred any further appeal against the assessment order, however the same cannot be taken as admittance on the part of the assessee in terms of furnishing of inac....

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....ertificate in this regard and has determined an amount of Rs 78.32 lacs as eligible deduction u/s 35(2AB) of the Act and basis the same, the assessee has made the claim of Rs 78.32 lacs while filing its return of income. The AO, basis certificate submitted by DSIR with DGIT, subsequent to the filing of the return of income has restricted the claim of deduction to Rs 76.50 lacs. Therefore, as far a....