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2018 (5) TMI 148 - HC - Income TaxLevy of penalty u/s 271(1)(c) - set off unabsorbed depreciation of an earlier assessment year i.e., 2001-02, in computing the income as originally returned for the assessment year 2006-07 - Held that:- It is not in dispute that the substantial question of law raised by the appellant, in this appeal requires to be examined in the light of the judgment in the case of Commissioner of Income Tax and another vs. Manjunath Cotton and Ginning Factory (2013 (7) TMI 620 - KARNATAKA HIGH COURT) No arguments being advanced and the present issue not being adjudicated by the Tribunal, in the light of the judgment referred to above, we find it appropriate to remand the matter to the Tribunal to reconsider the matter in the light of the judgments of this Court referred to above. Appeal is allowed. The order impugned herein is set aside and remanded to the Tribunal to reconsider the matter afresh
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