Search: penalty u/s 271

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Section 271(1)(c)6

CHANDRA RAMESH,CHENNAI vs. ACIT(OSD), CHENNAI

In the result, the assessee’s appeal is allowed

ITA 273/CHNY/2017[2007-08]Status: DisposedITAT Chennai23 Apr 2018AY 2007-08

Bench: Shri Duvvuru Rl Reddy & Shri S. Jayaraman

For Appellant: Shri. B. Ramakrishnan, FCA

Section 143(3)Section 147Section 2(22)(e)Section 271(1)(c)

80I, which was disallowed and penalty was levied for concealment of this issue. Madras High Court held that there is no case of concealment as the assessee was under bonafide belief that he was entitled to the exemption and hence claimed the same. In spite of pointing out the facts and the ratios, the Ld. CIT(A) unfortunately confirmed