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

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