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COMMISSIOENR OF INCOME TAX, CENTRAL-II, KOLKATA Versus M/s. M.K. SHAH EXPORTS LTD

2015 (12) TMI 828 - CALCUTTA HIGH COURT

Penalty under section 271(1)(c) - wrongly claiming exemption under section 10B in respect of interest not derived as ‘Profits and Gains of Business’ - CIT(A) deleted the penalty - Held that:- We are of the opinion that there can be no gainsaying that .....

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pined that by any stretch of imagination, making an incorrect claim in law cannot tantamount to furnishing inaccurate particulars, as relied upon leaves no manner of doubt that the view taken by the CIT and the Tribunal was a correct view. - Decided .....

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ment dated 25th July, 2008 pertaining to the assessment year 2001-02. The question of law suggested by the revenue reads as follows : Whether, on the facts and in the circumstances of the case, the Income-tax Appellate Tribunal is correct in deleting .....

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d penalty for the following reasons : The assessee company had claimed exemption u/s 10B on interest income arising out of fixed deposits which is not a eligible for exemption claim u/s 10B. As the assessee company has furnished inaccurate particular .....

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e following reasons : In this case, the appellant has not concealed any particulars of income, all the facts was on the records, the difference was only regarding the treatment of interest income for the purpose of calculation of deduction U/s.10B of .....

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t could not have been the basis for claiming the benefit under section 10B. By making the aforesaid claim, the assessee had claimed benefits which were not legally receivable by him and thus the assessee avoided to pay tax. Therefore penalty was righ .....

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that a sum of ₹ 82,30,421/- was earned from interest was duly disclosed by the assessee. The assessee s contention was that it was a 100% export oriented undertaking. The interest was earned by fruitfully utilizing surplus funds. The income out .....

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arned is also eligible for benefit under section 10B. He drew our attention to the judgement of the Apex Court in the case of CIT v. Reliance Petroproducts Pvt.Ltd. reported in (2010) 322 ITR 158 (SC) wherein the Apex Court opined that by any stretch .....

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