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Gujarat State Road Transport Corpn. Versus Dy. CIT, Circle-4, Ahmedabad

Penalty u/s. 271(1)(c) - discount from IOC that was not accounted by the assessee - Held that:- For levy of penalty apart from falsity of the explanation given by the assessee, the Department must have before it cogent material or evidence from which it could be inferred that the assessee has concisely concealed the particulars of income or had deliberately furnished inaccurate particulars of income.

It is well settled that the parameters of judging the justification for addition mad .....

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sion of income was to reduce its tax liability. Considering the aforesaid facts and peculiar facts of the case, and considering the fact that the amount has been offered to tax in subsequent assessment years and the assessee being a Government Corporation, we are of the view that in the present case no case for levy of penalty u/s. 271(1)(c) of the Act has been made out. We thus direct the deletion of penalty u/s. 271(1)(c) of the Act - Decided in favour of assessee. - ITA No. 1178/Ahd/2013 - Da .....

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s a Corporation of Government of Gujarat providing transport and other allied services. Assessee filed its original return of income declaring total loss of ₹ 35,51,88,507/-. Thereafter, assessee filed its revised return declaring a loss of ₹ 93,16,88,230/-. The case was selected for scrutiny and thereafter assessment was framed u/s.143(3) of the Act vide order dated 14/12/2007 and the total loss, before set off of business loss of earlier years, was determined at ₹ 52,20,15,55 .....

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48/-. Aggrieved by the order of the AO, assessee carried the matter before the ld.CIT(A), who confirmed the penalty levied by the AO vide order dated 08/02/0213. Aggrieved by the aforesaid order of the ld.CIT(A), assessee is now in appeal before us and has raised following grounds:- Your appellant being aggrieved by the Order passed by the learned Commissioner of Income Tax (Appeals)-VIII, Ahmedabad in appeal against order u/s. 271(1)(c) of the Income Tax Act presents this appeal against the sam .....

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s withheld from knowledge of Assessing Officer. There was no malafide in not showing discount receivables from IOC in the year under consideration & that too because of genuine grounds. It be so held now and penalty be deleted. 3. The order passed by the learned C.I.T. (Appeals) is bad in law and contrary to the provisions of law and facts. It is submitted that the same be held so now. 4. Your appellant craves leave to add, alter and/or to amend all or any of the grounds before the final hea .....

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credit-notes till the year end, the same was not included in the income, but however, subsequently, when the credit notes were received in F.Y. 2006-07, the amount was included in the income in FY 2006-07 relevant to AY 2007-08. He further submitted that the non-accounting of discount in the year under consideration was not on account of any malafide intention more so, when the assessee is a Government Corporation and has brought forward losses and that assessee would not gain anything financia .....

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ourt rendered in the case of CIT vs. Reliance Petroproducts Pvt.Ltd. reported at (2010) 322 ITR 0158 (SC). 4.1. The ld.Sr.DR supported the orders of the authorities below. 5. We have heard the rival submissions, perused the material available on record and gone through the orders of the authorities below as well as the judgement relied upon by the ld.counsel for the assessee. The issue in the present appeal is with respect to levy of penalty u/s.271(1)(c) of the Act on the discount from IOC that .....

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