M/S. RANE INDUSTRIES PVT. LTD,PUNE vs. DEPUTY COMMISSIONER OF INCOME-TAX, CIRCLE -5, PUNE

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ITA 555/PUN/2020Status: DisposedITAT Pune13 June 2022AY 2014-154 pages

In favour of the assessee: the assessee's appeal was allowed. From the AI summary of this appeal.

AI SummaryAllowed

What did the Tribunal hold?

The Tribunal held that the excess claim of deduction was due to a bona fide and unintentional mistake. Following Supreme Court and High Court precedents, the penalty imposed under Section 271(1)(c) was deleted.

What were the facts?

The assessee debited certain taxes and penalties to its Profit & Loss account and claimed them. During assessment, the assessee admitted these were inadvertent mistakes in computation of total income. The AO imposed penalty under Section 271(1)(c) for these disallowances.

What were the issues?

Whether penalty under Section 271(1)(c) can be imposed for bona fide and inadvertent mistakes in the computation of income.

Which sections of the Income-tax Act were involved?

Section 271(1)(c)

AI-generated summary — verify with the full judgment below

Cases cited in this judgment(2)Show list

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Income Tax Appellate Tribunal, PUNE BENCH ‘B’ PUNE

Before: SHRI R.S. SYAL & SHRI PARTHA SARATHI CHAUDHURY

For Appellant: Shri M.K. Kulkarni
For Respondent: Shri M.G. Jasnani

आदेश की प्रतितिति अग्रेतिि/Copy of the Order is forwarded to: अपील र्थी / The Appellant; 1. प्रत्यर्थी / The Respondent; 2. 3. The CIT(A)-4, Pune 4. The PCIT-3, Pune 5. DR, ITAT, ‘B’ Bench, Pune 6. ग र्ड फ ईल / Guard file. आदेशानुसार/ BY ORDER, // True Copy // Senior Private Secretary आयकर अपीलीय अदिकरण ,पुणे / ITAT, Pune Date 1. Draft dictated on 13-06-2022 Sr.PS 2. Draft placed before author 13-06-2022 Sr.PS 3. Draft proposed & placed before JM the second member 4. Draft discussed/approved by JM Second Member. 5. Approved Draft comes to the Sr.PS Sr.PS/PS 6. Kept for pronouncement on Sr.PS 7. Date of uploading order Sr.PS 8. File sent to the Bench Clerk Sr.PS 9. Date on which file goes to the Head Clerk 10. Date on which file goes to the A.R. 11. Date of dispatch of Order.

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