Subscription   Feedback   New User   Login      
Tax Management India .com
TMI - Tax Management India. Com
Articles Highlights TMI Notes SMS News Newsletters Calendar Imp. Links Database Experts Contact us More....
Extracts
Home List
← Previous Next →

COMMISSIONER OF INCOME TAX Versus MEHSANA DISTRICT CO OP. MILK PRODUCERS' UNION LTD

2016 (7) TMI 407 - GUJARAT HIGH COURT

Penalty levied under Section 271(1) (c) - undervaluation of closing stock and disallowance on account of rejection of deduction u/s. 80I - Held that:- A mere making of the claim, which is not sustainable in law, by itself, will not amount to furnishing inaccurate particulars regarding the income of the assessee. Such claim made in the Return cannot amount to the inaccurate particulars. See Reliance Petroproducts Pvt Ltd [2010 (3) TMI 80 - SUPREME COURT ] - Decided in favour of assessee - TAX APP .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

7/Ahd/2007 for assessment year 20012002 and Tax Appeal No.901 of 2008 challenges the order dated 26/10/2007 passed by the ITAT in ITA No.1239/Ahd/2007 for assessment year 20012002. 2. The short facts of the case are that the assessee-Cooperative Society was engaged in the manufacturing of milk and milk products popularly known as Dudhsagar Dairy . The return of inomce was filed on 30/10/2001 declaring NIL total income. The same was processed and it was selected for scrutiny. The AO inter alia no .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

as upheld the addition on merits but has granted relief in respect of the quantum of addition to the extent of ₹ 66,74,267/and thus CIT (A) confirmed the entire disallowance of ₹ 2,71,61,762/. The penalty order was contested by the assessee before the CIT (A) and appeal of the assessee was decided and CIT (A) confirmed the levy of penalty in respect of under valuation of closing stock and deleted the penalty in respect of the addition under Section 80I of the Act. Thereafter, the mat .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

g the penalty levied under Section 271(1) (c) in respect of undervaluation of closing stock and disallowance on account of rejection of deduction u/s. 80I of the Act, 1961? 4. Learned Counsel for the appellant has contended that there is inconsistency in the closing stock and therefore deduction under Section 80I ought not to have been granted by the learned Tribunal or the CIT (A). He has further contended that there is discrepancy in the deduction claimed under Section 80I and therefore the sa .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

f the word "particulars" in the earlier part of this judgment. Reading the words in conjunction, they must mean the details supplied in the Return, which are not accurate, not exact or correct, not according to truth or erroneous. We must hasten to add here that in this case, there is no finding that any details supplied by the assessee in its Return were found to be incorrect or erroneous or false. Such not being the case, there would be no question of inviting the penalty under Secti .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

 

 

 

 

 

what is new what is new
  ↓     bird's eye view     ↓  


|| Home || Acts and Rules || Notifications || Circulars || Schedules || Tariff || Forms || Case Laws || Manuals ||

|| About us || Contact us || Disclaimer || Terms of Use || Privacy Policy || TMI Database || Members || Site Map ||

© Taxmanagementindia.com [A unit of MS Knowledge Processing Pvt. Ltd.] All rights reserved.

Go to Mobile Version