2022 (1) TMI 1517

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....R For the Revenue : Shri Salil Mishra, (DR) For the Assessee : Jay Bhansali, (AR) ORDER PER BENCH: Captioned appeals and Cross Objection arise out of order dated 18.07.2019 learned Commissioner of Income Tax (Appeals)-4, Mumbai deleting the penalty imposed Under section 271(1)(c) of the Act for the assessment year 2008-09. 2. Briefly the facts are, the assessee is a resident comp....

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....ions towards disallowance under section 14A, writing off of advances given to BCCI and forex loss. Accordingly, the AO completed the assessment under section 143(3) r.w.s. 144C of the Act. Against the assessment order so passed, assessee filed objections before learned Dispute Resolution Panel (DRP) and thereafter before the Tribunal. Be that as it may based on the additions made in the assessment....

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....ioner (Appeals) deleted the penalty imposed under section 271(1)(c) of the Act. 3. We have considered rival submissions and perused the materials on record. The undisputed factual position before us is, the only surviving additions after the decision of the Tribunal in quantum proceedings are, an amount of Rs. 27,19,342/-, being adjustment made towards provisions of corporate guarantee and Rs. ....

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.... furnished inaccurate particulars of income. 4. As far as disallowance under section 14A r.w.r. 8D is concerned, it is a fact that substantial relief has been granted to the assessee by the Tribunal. Even, otherwise also, disallowance under section 14A r.w.r. 8D, to some extent, is a notional disallowance based on certain formula. Thus, in our view, it cannot lead to concealment of income or fu....