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2018 (9) TMI 881 - GUJARAT HIGH COURTPenalty u/s. 271(1)(c) - additions in respect of incentives received by the assessee in the form of excise duty refunds and sales tax exemption benefits - CIT(A) deleted such addition holding that the same were capital receipts and not chargeable to tax - Held that:- While confirming the view of CIT(A) deleting such penalty, the Tribunal, in the impugned judgement, held and observed that the assessee had not concealed any particulars of his income. To the receipts in the form of sales tax and excise duty concessions, the assessee had followed his own interpretation believing that the receipts being capital in nature were not chargeable for computation of book profit under section 115JB. Tribunal was of the opinion that clearly two views were possible and the assessee had held the bonafide belief and acted on the same. In any case, there was no failure on part of the assessee to conceal any particulars of income. We are broadly in agreement with the view of the Tribunal. - Decided against revenue.
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