Case Law Details
Clean Science & Technology Pvt. Ltd. Vs CIT (A) (ITAT Pune)
The issue in the present appeal relates to the levy of penalty u/s 271(1)(c) of the Act. On perusal of the penalty order as well as the assessment order, it would reveal that the penalty was levied for furnishing the inaccurate particulars of income in respect of addition of prior period expenses of Rs.1,26,142/-. It also reveals that the addition was agreed to by the assessee during the course of assessment proceedings on a query posed by the Assessing Officer. However, the Assessing Officer had failed to give a finding as to what kind of particulars filed by the assessee are found to be inaccurate or false. On mere reading of the assessment order, it would clearly show that the addition was made based on the information filed by the assessee. In the circumstances, we are of the considered opinion that it is not a fit case for levy of penalty u/s 271(1)(c) of the Act. Accordingly, we direct the Assessing Officer to delete the penalty of Rs.41,000/- levied u/s 271(1)(c) of the Act.
FULL TEXT OF THE ORDER OF ITAT PUNE
This is an appeal filed by the assessee directed against the order of ld. Commissioner of Income Tax (Appeals)- 2, Pune [‘CIT(A)’ for short] dated 29.04.2019 for the assessment year 2012-13.
2. Briefly, the facts of the case are that the appellant is a company incorporated under the provisions of the Companies Act, 1956. It is engaged in the business of manufacture and sale of chemicals. The return of income for the assessment year 2012-13 was filed on 24.09.2012 declaring total income of Rs.2,08,86,861/-. Against the said return of income, the assessment was completed by the Dy. Commissioner of Income Tax, Ahmednagar Circle, Ahmednagar (‘the Assessing Officer’) vide order dated 16.03.2015 passed u/s 143(3) of the Income Tax Act, 1961 (‘the Act’) at a total income of Rs.2,13,79,180/- after making disallowance of Rs.3,66,172/- on account of group gratuity payment and disallowance of Rs.1,26,142/- on account of prior period expenses.
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