Penalty Deleted: Credits Were Already Declared as Interest Income

Valaka Engineering Pvt. Ltd. Vs ACIT (ITAT Delhi) Penalty u/s 271(1)(c) Deleted—Credits Treated as Unexplained Were Actually Interest Income Already Declared; Additional Evidence Accepted The Assessee appealed against the order of CIT(A)-27, New Delhi, confirming penalty of ₹1,76,037 u/s 271(1)(c) relating to alleged unexplained credits of ₹5,69,700 in its bank account. The appeal before ITAT was delayed by 412 days, as the Assessee had initially filed the appeal before ITAT Kolkata under the bona fide belief that its jurisdiction was Kolkata. Upon realising that both assessment and pena...