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The Commissioner of Income Tax-13, Mumbai Versus Dushayant Development Corporation

2015 (7) TMI 744 - BOMBAY HIGH COURT

Penalty imposed under Section 271(1)(c) invoking Section 273B - assessee having incorrectly claimed the benefit of Section 80IB(10)- Tribunal canceling the penalty - Held that:- The grievance of the revenue is that the respondent-assessee is not enti .....

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is is not factually correct as the Tribunal in the impugned order observes that there was nothing on record to indicate what was the finding in survey. In the absence of some positive evidence on the part of the revenue that it is the survey which le .....

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In these circumstances, we find that the view taken by the Tribunal on the facts before it was a very possible view. Decided against revenue. - Income Tax Appeal No. 1714 of 2013 - Dated:- 7-7-2015 - M. S. Sanklecha And N. M. Jamdar, JJ. Fo .....

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x Appellate Tribunal (the 'Tribunal'). The appeal relates to the Assessment Year 2004-05. The impugned order set aside penalty imposed under Section 271(1)(c) of the Act on invoking Section 273B of the Act. 3. The revenue has framed the follo .....

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e survey was done. (ii) Whether the Tribunal has rightly held that the revised return filed by the Assessee in the present case is voluntarily even though it is filed after survey report." 4. The respondent-assessee had filed return of income cl .....

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assessee filed a revised return of income withdrawing its claim for the benefit of Section 80IB(10) of the Act in respect of its building project called New Haridas Park consisting of Wings being A to D on the ground that as it is part of the origina .....

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s. 5. In appeal, the CIT(A) upheld the imposition of penalty under Section 271(1)(c) of the Act. On further appeal, the Tribunal by the impugned order concluded that there was a basis for the respondent-assessee to claim that Wings A to D constructed .....

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ive contention that in any event the view taken by the respondent-assessee that Wings A to D formed a separate project was in the facts, a plausible view. Therefore there was a reasonable cause for the respondent-assessee having incorrectly claimed t .....

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