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2017 (1) TMI 109 - HC - Income TaxPenalty u/s 271(1)(c) - amount reflected in the profit and loss account, but was not shown in the balance sheet or included in the return - whether the assessee was eligible to any lenience in the penalty proceedings on account of certificate issued under Section 230A of the Act - Held that:- Tribunal ought to have weighed the effect of the certificate issued under Section 230A as well as the material facts and particulars to determine as to whether there is any concealment or inaccuracy in the particulars furnished to render a final decision on the appeal filed by the Revenue against the decision of the CIT (Appeals). We are afraid that such consideration has not come true. Therefore, it is a situation where the decision has been rendered without appropriately appreciating the facts, materials and evidence, in accordance with law, which would in turn give rise to substantial question of law when the issue is deliberated in this appeal under Section 260A of the Act. The substantial question of law formulated as above is answered accordingly. We are, therefore, of the view that this is an eminently fit case for an order of remit to the Tribunal for re-consideration of the matter in the light of what is stated above. Matter set aside to Tribunal for reconsideration.
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