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COMMISSIONER OF INCOME TAX - GANDHINAGAR Versus GUJARAT INDUSTRIAL INVESTMENT CORPORATION LTD

2016 (7) TMI 403 - GUJARAT HIGH COURT

Penalty proceedings u/s 13 of the Interest Tax Act, 1974 - filing of in-accurate particulars of interest chargeable to Interest Tax Act - Held that:- The levy of penalty by the Assessing Officer was on unjustified grounds and the CIT(A) rightly deleted the penalty which was rightly upheld by the Tribunal. The Assessing Officer did not give any finding that inaccurate particulars were furnished by the assessee. It appears that the assessee was under a bonafide impression that its case was covered .....

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opinion that penalty proceedings u/s 13 of the Interest Tax Act was wrongly initiated. Therefore, the questions are answered against the appellant revenue and in favour of the assessee. - TAX APPEAL NO. 114 of 2009 With TAX APPEAL NO. 115 of 2009 TO TAX APPEAL NO. 116 of 2009 With TAX APPEAL NO. 118 of 2009 With TAX APPEAL NO. 120 of 2009 With TAX APPEAL NO. 122 of 2009 - Dated:- 27-6-2016 - MR. KS JHAVERI AND MR. G.R.UDHWANI, JJ. FOR THE APPELLANT : MR SUDHIR M MEHTA, ADVOCATE FOR THE OPPONE .....

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1. 03.2008 18/Ahd/2007 1994-95 116/2009 31 03.2008 19/Ahd/2007 1995-96 118/2009 31 03.2008 14/Ahd/2007 1996-97 120/2009 31. 03.2008 15/Ahd/2007 1997-98 122/2009 31. 03.2008 16/Ahd/2007 1998-99 1.1 These matters were admitted by this Court for consideration of the following substantial question of law: (A) Whether on the facts and circumstances of the case, the Appellate Tribunal was justified in law in deleting the penalty u/s.13 of Interest Tax Act, 1974 on the ground that the assessee is a Gov .....

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assessee was completed against which the assessee preferred appeal before CIT(A) who partly allowed the appeals. The Revenue as well as the assessee further preferred appeals before the Tribunal and the Tribunal vide order dated 30.03.2005 set aside some of the issues for fresh decision. The matter was accordingly restored to the file of the Assessing Officer with a direction by the Tribunal to verify the facts relating to collection of such interest from customers and accounting entries passed .....

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on appeal and the CIT(A) deleted the penalties. 2.1 On appeal before the Tribunal by the revenue, by impugned judgment and orders, Tribunal confirmed the order passed by the CIT(A). Being aggrieved and dissatisfied with the impugned orders passed by the Tribunal, the revenue has preferred the present Tax Appeals for consideration of the aforesaid substantial question of law. 3. Mr. Sudhir Mehta, learned advocate appearing for the revenue submitted that during the assessment proceedings, the ass .....

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