Shri Gajanan Gramin Bigar Sheti Sahakari Patsanstha Maryadit Ajara vs. ITO, Ward 1(1), Kolhapur
Parties Involved
Facts Summary
The assessee, a co-operative society, filed its return of income on 28.09.2018 declaring nil income. The Assessing Officer determined the total income of the assessee at Rs.34,69,273/- and disallowed the claim of deduction of Rs.34,69,273/- u/s 80P of the Act. Subsequently, he initiated penalty proceedings u/s 270A of the Act on account of mis-reporting of income to the tune of Rs.34,69,273/-. Rejecting the various explanations given by the assessee, the Assessing Officer levied penalty of Rs.21,37,828/- being 200% of the tax sought to be evaded on the amount of Rs.34,69,273/- which was determined as additional income. In appeal, the CIT(A) / NFAC dismissed the appeal filed by the assessee. Aggrieved with such order of the CIT(A) / NFAC, the assessee is in appeal before the Tribunal.…
Decision in favour of
Assessee
Legal Issues
- 1. Penalty levied by the Assessing Officer
- 2. Disallowed deduction under section 80P
Judgment Outcome
Decided in favour of Assessee.
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