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Pr. Commissioner of Income Tax-I, Chandigarh Versus M/s Punjab State Federation of Coop. Sugar Mills Limited

2016 (5) TMI 695 - PUNJAB AND HARYANA HIGH COURT

Levy of penalty u/s 271(1)(c) - Held that:- The assessee had submitted revised computation during the course of assessment proceedings and there was no intention to conceal the income. Further, the Tribunal held that the assessee had duly paid tax on the amounts of capital gains tax and property tax suo motu and due to inadvertent mistake on the part of the counsel of the assessee, the amount of capital gains tax and property tax paid were not added back resulting into refund. The Tribunal had o .....

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MITTAL, J. 1. This appeal has been preferred by the revenue under Section 260A of the Income Tax Act, 1961 (in short the Act ) against the order dated 26.10.2015 (Annexure A-4) passed by the Income Tax Appellate Tribunal, Chandigarh Benches, Chandigarh (hereinafter referred to as the Tribunal ) in ITA No. 838/CHD/2014, for the assessment year 2010-11, claiming the following substantial questions of law:- i) Whether on the facts and in the circumstances of the case, the ITAT was right in law in .....

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a Textiles Processors for levy of penalty u/s 271(1)(c)? 2. Briefly stated, the facts necessary for adjudication of the instant appeal as narrated therein may be noticed. The assessee is a Cooperative Society and is engaged in providing assistance to the various member sugar mills in the State of Punjab and is receiving cess on the production of sugar. It e-filed its return of income for the assessment year 2010-11 on 28.9.2010 declaring total income at Rs. 9,77,46,340/-. The said return was pro .....

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l income. Accordingly, the Assessing Officer vide order dated 28.1.2013 (Annexure A-1) framed the assessment at a total income of Rs. 12,42,58,928/- by making additions of Rs. 2,65,03,000/- on account of capital gain tax and Rs. 9588/- on account of property tax. On both the additions, penalty proceedings under Section 271(1)(c) of the Act were also initiated for furnishing inaccurate particulars of income. The Assessing Officer vide order dated 19.7.2013 (Annexure A-2) levied penalty amounting .....

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e A-4) upheld the order of the CIT(A) and dismissed the appeal. Hence, the present appeal by the revenue. 3. We have heard learned counsel for the revenue. 4. The primary issue that arises for consideration in this appeal is whether the CIT(A) had rightly deleted the penalty under Section 271 (1)(c) of the Act which has been upheld by the Tribunal. The penalty had been levied for furnishing inaccurate particulars of income. 5. It would be apposite to refer to the findings recorded by the CIT(A) .....

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re inadmissible deductions. Thus, the mistake of not adding back the impugned amounts in the statement of income was of the then Counsel and moreover, it cannot be said that anyone had benefitted by not adding back the impugned amounts, since the appellant cooperative society is an undertaking of Government of Punjab. The explanation furnished by the appellant is bonafide and so the impugned penalty levied is cancelled. 6. On appeal by the revenue, the Tribunal had affirmed the said findings of .....

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