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2016 (7) TMI 403

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..... riginal proceedings the claim was rejected whereas in the first appeal the claim was allowed by the CIT(A). The assessee has relied upon expert opinion. It cannot be said that the assessee had filed inaccurate particulars of income or there was any conscious effort on the part of the assessee to furnish inaccurate particulars of chargeable interest. In that view of the matter, we are of the 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 APP .....

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..... r 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 Government company engaged in providing credits to various industrial organizations and had made its claim on the basis of decision rendered by Hon'ble Madras High Court? (B) Whether on the facts and circumstances of the case, the Appellate Tribunal was justified in law in holding that filing of in-accurate particulars of interest chargeable to Interest Tax Act would not amount to concealment of interest chargeable under the provisions of Interest Tax Act, 1974? 2. The assessment in the case of assessee was completed against which the assessee p .....

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..... rgeable interest in which a new claim had been made. He submitted that as per the assessee, the interest tax @ 3% on the chargeable interest should be deducted from the total figure of chargeable interest. He submitted that the analogy drawn by the assessee with the provisions of Wealth Tax Act is totally irrelevant. He submitted that under the provisions of Interest Tax Act, there is no provision which suggests that the total figure of chargeable interest is to be reduced by the liability on account of Interest Tax Act and therefore the Assessing Officer had rightly initiated penalty proceedings under section 13 of the Interest Tax Act, 1974. 4. Mr. Bandish Soparkar, learned advocate appearing for Ms. Soparkar, learned advocate on behal .....

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