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2019 (8) TMI 1063 - CALCUTTA HIGH COURTPenalty u/s 271(1)(c) - depreciation on a property which it did not own, but utilized for its business - AY 2002- 2003 - HELD THAT:- As in own case [2018 (7) TMI 1259 - CALCUTTA HIGH COURT] where this particular issue regarding depreciation for the said assessment year was remanded to the tribunal for reconsideration. Now, if the main issue has been remanded to the tribunal, it is required to decide it afresh. That part of its order is set aside. The question of penalty would only arise after its decision. The order setting aside the penalty based on the earlier adjudication is also of no consequence. Therefore, in our considered opinion, there is no merit in the appeal with regard the order of the tribunal with regard to the assessment year 2002- 2003. We dismiss the same with regard to that assessment year. Admit the appeal in relation to the assessment year 2003-2004 on the following substantial questions of law: 1. Whether on the facts and in the circumstances of the case, the tribunal has interpreted and applied Section 271[1][c] of the Income Tax Act, 1961 correctly? 2. Whether on the facts and in the circumstances of the case, the tribunal has applied the ratio of the judgment of the Supreme Court in Union of India & Ors. –Versus- Dharmendra Textile Processors & Ors., [2008 (9) TMI 52 - SUPREME COURT] correctly?
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