PANTHER INVESTRADE LTD,MUMBAI vs. ASST CIT CEN CIR 40, MUMBAI

PDF · subscribers
ITA 2702/MUM/2012Status: DisposedITAT Mumbai20 September 2018AY 2002-032 pages
AI SummaryPartly Allowed

What did the Tribunal hold?

The Tribunal rectified its earlier order, stating that no penalty should be levied on the addition of the interest refund. This correction was made because the Assessing Officer had not imposed any penalty on this item.

What were the facts?

The Tribunal's previous order mistakenly confirmed a penalty on interest refund that was not offered in the return of income. The Assessing Officer had not levied any penalty in relation to this specific addition.

What were the issues?

Whether penalty under Section 271(1)(c) can be confirmed when the Assessing Officer has not levied it on a particular addition.

Which sections of the Income-tax Act were involved?

Section 271(1)(c)

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, “C” Bench, Mumbai

Before: Shri R.C. Sharma (AM) & Shri Pawan Singh (JM)

Heard together (3 matters)

I.T.A. No. 2702/Mum/2012
I.T.A. No. 2703/Mum/2012
I.T.A. No. 2704/Mum/2012

Read from the judgment's own cause title. This page is filed under one of them.

CORRIGENDUM O R D E R We found an apparent mistake in the order of the Tribunal in so far as Tribunal in para 12 has confirmed the penalty on the interest refund of Rs.11,38,158/- not offered in the return of income. We found that no penalty has been levied by the AO in respect of addition of this interest, therefore, there is no reason for confirming any penalty with respect to this addition. Since the Assessing Officer has not levied penalty in its order dated 25/03/2009 passed u/s.271(1)(c), an apparent mistake has been crept in the order of Tribunal for confirming this penalty. The order of the Tribunal is rectified so as not to levy any penalty on the addition of such interest. Sd/- Sd/- (PAWAN SINGH) (R.C. SHARMA) JUDICIAL MEMBER ACCOUNTANT MEMBER Mumbai; Dated : 20/09/2018

More judgments on Section 271(1)(c)

All 25,141 judgments and leading authorities on Section 271(1)(c) →

Recent GST High Court judgments

Search GST case law →