Stay abreast with the latest developments in the professional domain along with in-depth analysis through the monthly BCA Journal. Get access to an engaging library of researched publications from the BCAS stable.
Learn MoreBCAJ Brieficles are short-format, web-only articles on contemporary topics of professional importance that are open-for-all to read & share.
Explore BrieficlesExplore past issues of BCA Journal & indulge in a treasure trove of high-quality professional content across format of print, videos & learning events from the BCAS stable.
Learn MoreMonthly mouth-piece of BCAS, the BCA Journal is a leading publication that has been in continuous circulation for more than 53 years. Over the years the BCAJ has become synonymous with high-quality & authentic content across fields of finance, accounting, tax & regulatory matters. The BCAJ has wide circulation across India & commands huge respect amongst the Chartered Accountants` community.
Learn MoreFor queries, collaborations, and insights to forge, Drop a line, share thoughts, inquiries galore, At BCAJ, your messages, we eagerly explore.
Learn More27 Pr. Commissioner of Income Tax-13 vs. Pinstorm Technologies Pvt Ltd.
ITXA NO. 1117 of 2018 (Bom) (HC)
A.Y.: 2010-11
Date of Order: 20th December, 2023
Sec 271(1)(c) — Penalty — Mistake while uploading the return — no intention of furnishing any inaccurate particulars or concealment of income.
The following substantial question of law was proposed:
“Whether on the facts and circumstances and in law, the Hon’ble ITAT erred in appreciating the fact that the error on the part of the assessee was detected during the course of assessment proceeding u/s. 143(3) of the Act on scrutiny by the AO, failing which the error would not had surfaced and therefore, levy of penalty, as a deterrent, was justified and taking any lenient view would encourage the assessee to perpetuate such mistakes?”
The Respondent (assessee) filed the return of income on 14th February, 2012 for A.Y. 2010-2011 declaring loss of ₹16,10,43,542. During the course of assessment, the Assessing Officer (AO) observed that certain expenses which were not allowable expenses under the Act were not added back to the total income