MAX LIFE INSURANCE COMPANY LTD.,GURGAON vs. ACIT, CIRCLE- 1, LTU, NEW DELHI
In the result, the appeal of the assessee is allowed
ITA 1138/DEL/2019[2010-11]Status: DisposedITAT Delhi18 Oct 2022AY 2010-11
Bench: Shri N.K.Billaiya & Shri Kul Bharat[Assessment Year : 2010-11] Max Life Insurance Company Ltd., Vs Acit, Plot No.90A, Sector-18, Udyog Vihar, Circle-1, Ltu, Gurgaon, Haryana-122018. New Delhi. Pan-Aaccm3201E Appellant Respondent Appellant By Shri Himanshu Sinha, Adv. & Shri Bhuvan Dhoopar, Adv. Respondent By Shri Jeetender Chand, Sr.Dr Date Of Hearing 18.10.2022 Date Of Pronouncement 18.10.2022 Order Per Kul Bharat, Jm : The Present Appeal Filed By The Assessee Is Directed Against The Order Of Ld. Cit(A)-22, New Delhi, Dated 29.11.2018 For The Assessment Year 2010-11. The Assessee Has Raised Following Grounds Of Appeal:- 1. “That On The Facts & Circumstances Of The Case & In Law, The Ld. Cit(A) Erred In Upholding Penalty Levied By The Ao Under Section 271(1)(C) Of The Act Without Considering The Material Available On Record. 2. That On The Facts & Circumstances Of The Case & In Law, The Ld. Cit(A)/Ao Has Failed To Appreciate That The Penalty Proceedings Are Separate & Distinct From Assessment Proceedings & Mere Disallowance Of A Claim Made By The Appellant Does Not Automatically Lead To Imposition Of Penalty Under Section 271(1)(C). 3. That On The Facts & Circumstances Of The Case & In Law, The Ld. Cit(A)/Ao Has Failed To Appreciate That The Issue Involved In Appellant’S Case Is Purely A Legal Issue To Be Decided On Interpretation Of The Provisions Of The Act & Merely Because Ld. Ao Adopts A View
Section 143(3)Section 271(1)(c)
43,000
Provision for bad debts
2. 21,60,000
3. Penalty/ Fines paid
1,64,000
Expenses on account of default in 4. 6,95,65,300
deduction
5. Donation paid
2,50,00,000
6. Share issue expenses
2,500
Total Additions
16,79,34,800
[[1.4
Along with the assessment order dated 21 March 2014, penalty notice
