{"id":12050,"date":"2020-09-02T07:59:12","date_gmt":"2020-09-02T07:59:12","guid":{"rendered":"http:\/\/itatonline.org\/digest\/cit-v-celebrity-fashions-ltd-2019-105-cch-0499-2020421-itr-458-madhc\/"},"modified":"2020-09-02T07:59:12","modified_gmt":"2020-09-02T07:59:12","slug":"cit-v-celebrity-fashions-ltd-2019-105-cch-0499-2020421-itr-458-madhc","status":"publish","type":"post","link":"https:\/\/itatonline.org\/digest\/cit-v-celebrity-fashions-ltd-2019-105-cch-0499-2020421-itr-458-madhc\/","title":{"rendered":"CIT v. Celebrity Fashions Ltd. (2019) 105 CCH 0499 \/ (2020)421 ITR 458 (Mad)(HC)"},"content":{"rendered":"<p>The assessee has\u00a0 not disallowed the unpaid interest under S. 43B of the Act . In response to penalty notice the assessee submitted that\u00a0 the it had returned a loss and had substantial carry forward losses also and consequently, the assessee had no benefit, interest or intention in making an unsupportable claim to enhance the loss. However the AO levied\u00a0 the penalty .On appeal the\u00a0 CIT (A) Deleted the penalty , which was affirmed by the Appellate Tribunal\u00a0 on the ground that the omission to make suo motu disallowance under section\u00a043B(e)\u00a0was an inadvertent error and not with an intention to understate the income. On appeal by revenue dismissing the appeal the Court held that the conduct of the assessee established that the omission to make suo motu disallowance under section\u00a043B(e)\u00a0was an inadvertent error and not with an intention to understate its income by furnishing inaccurate particulars and could not be stated to be a contumacious conduct on the part of the assessee with an intention to understate its income.\u00a0 ( MAK DATA P. LTD. v. CIT( 2013) 358 ITR 593\u00a0<em>distinguished<\/em>., followed\u00a0 Price Waterhouse Coopers Pvt. Ltd. v. CIT ( 2012) 348 ITR 306 (SC) \u00a0( AY. 2012-13)<\/p>\n","protected":false},"excerpt":{"rendered":"<p>S. 271(1)(c) : Penalty \u2013 Concealment &#8211; Inadvertent error- Failure to disallow the unpaid interest \u2013 Levy of penalty is held to be  not justified .[ S.43B( e ) ]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-12050","post","type-post","status-publish","format-standard","hentry","category-digest"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-38m","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/12050","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=12050"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/12050\/revisions"}],"predecessor-version":[{"id":12051,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/12050\/revisions\/12051"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=12050"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=12050"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=12050"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}