INCOME TAX OFFICER Vs. CHANDRAI CONSTRUCTIONS

JUDGEMENT

(1.) THESE two appeals are filed by the Revenue challenging the impugned order of the Ld. CIT(A) -II, Pune dated 30 -08 -2013 for the A.Ys. 2005 -06 and 2006 -07, deleting the penalty levied by the Assessing Officer u/s. 271(1)(c) of the Income -tax Act of Rs. 27,57,237/ - and Rs. 11,24,724/ - for the A.Ys. 2005 -06 and 2006 -07 respectively. The Revenue has taken the following grounds which are verbatim in both the appeals:

(2.) THE Learned Commissioner of Income -tax (Appeals) erred in deleting the penalty u/s. 271(1)(c) without appreciating the fact that the assessee had withdrawn the claim of deduction u/s. 80IB(10) only after a survey u/s. 133A of the Act on 02.06.2008 was carried out and there was no voluntary disclosure of income.

(3.) THE learned Commissioner of Income -tax (Appeals) erred in not appreciating the admitted fact that the assessee had violated the conditions stipulated u/s. 80IB(10)(a)(i) of the Act and it was well within the knowledge of the assessee that the project was not completed by 31.03.2008 and thus had concealed the income by furnishing inaccurate particulars of income.