Pune ITAT Deletes Section 271(1)(c) Penalty for VSI Contribution & Section 244A Interest

Advertisement Vitthal Sahakari Sakhar Karkhana Ltd Vs ACIT (ITAT Pune) Mere Additions Do Not Establish Concealment- Pune ITAT Deletes Penalty under Section 271(1)(c) on VSI Contribution & Omitted Section 244A Interest The Pune ITAT allowed the assessee’s appeal and deleted the penalty of Rs.4,14,259 levied under Section 271(1)(c) of the Income-tax Act, 1961 in respect of additions relating to VSI contribution and interest received under Section 244A. The assessee, a co-operative society, had originally declared a loss, and during assessment the Assessing Officer made various a...