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2016 (7) TMI 528 - GUJARAT HIGH COURT

2016 (7) TMI 528 - GUJARAT HIGH COURT - TMI - Penalty under Section 271(1)(c) - Estimation of net profit for purpose of deduction under Section 80IB read with Section 80IA[10]from 45.39% to 40% - Held that:- The levy of penalty by the Assessing Officer was on unjustified grounds and the Tribunal has rightly allowed the appeal filed by the assessee. The Assessing Officer did not give any finding that inaccurate particulars were furnished by the assessee. It appears that the Assessing Officer has .....

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and assumption. The Assessing Officer is wrong in estimating the profit of the assessee at 40% basing the same on the profits of other firms in the same line of business when there is no concrete proof about the errors or irregularities in the books of accounts. We find that the Tribunal has rightly directed the Assessing Officer to take into consideration the net profit shown by the assessee and recalculate the deduction u/s 80IB of the Act. - Decided in favour of the assessee. - TAX APPEAL NO .....

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iling the said order. 1.1 This appeal was admitted by this Court for consideration of the following substantial question of law: [i] Whether, on the facts and in the circumstances of the case, and in law, the Income Tax Appellate Tribunal is right in coming to the conclusion that the Assessing Officer and the Commissioner of income-tax (Appeals-II), Surat are not justified in estimating the net profit for purpose of deduction under Section 80IB read with Section 80IA[10] of the Income Tax Act fr .....

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er disallowed the same and also issued notice for imposing penalty under Section 271(1)(c ) of the Act. The additions made by the Assessing Officer was confirmed by CIT(A) on appeal and the CIT(A) dismissed the appeal. 2.1 On appeal before the Tribunal by the assessee, by impugned judgment and order, Tribunal allowed the appeal and deleted the additions made by the Assessing Officer. Being aggrieved and dissatisfied with the impugned order passed by the Tribunal, the revenue has preferred the pr .....

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et profit of 40%. He submitted that the assessee was not able to furnish quantitative and qualitative details of the purchase of the building material and its consumption without which the percentage of RCC frame, the structure flooring area of the building and the quantity of the material consumed could not be verified. 4. Mr. Manish Shah, learned advocate appearing for Ms. Soparkar, learned advocate on behalf of the assessee submitted that the Tribunal is justified in reversing the order of CI .....

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