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2016 (8) TMI 103 - GUJARAT HIGH COURT

2016 (8) TMI 103 - GUJARAT HIGH COURT - TMI - Penalty levied under Section 271 (1)(c) - Held that:- It is self evident that the issue in question was highly debatable one to various judicial forums giving different interpretations. Assessee having supplied all the primary facts cannot be held to have concealed income or furnished inaccurate particulars of income - Decided in favour of the assessee. - TAX APPEAL NO. 557 of 2009 - Dated:- 21-7-2016 - MR. KS JHAVERI AND MR. G.R.UDHWANI, JJ. FOR THE .....

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t of loss or the amount of depreciation which would be required to be set off against the profit of the relevant previous year, if the provisions of clause (b) of the first proviso to subsection (1) of section 205 of the Companies Act, 1956, were applicable. The AO found that the assessee had grossly misinterpreted the provisions of section 115JA and reworked the book profit at ₹ 49,70,565/- instead of book loss of ₹ 31,85,782/- . The AO made further additions on account of provision .....

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e order of the CIT (A) and thereby cancelling the penalty levid under Section 271 (1)(c)? 4. Learned Counsel for the appellant has contended that the order passed by the Tribunal is erroneous because in the assessment order as well as in the penalty order, the AO brought out all the facts leading to calculation of book profit and thus proved that the assessee had furnished inaccurate particulars of its income and thereby concealed its come. He, therefore, contended that the AO has rightly initia .....

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order has held in paragraph Nos.2.8 and 2.9 which reads as under: 2.8 I also find that regarding this subject there had been numerous case laws both in favour and against Department. In the case of Surana Steel itself, the Andhra Pradesh High Court had given a decision in line with the appellant's stand, and which was subsequently reversed by the Supreme Court. The plethora of decisions mentioned which have been affirmed or reversed clearly shows that the matter was the subject of litigatio .....

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essee's line of thinking in various High Courts, and this shows that the issue was only one of legal interpretation where two views are always possible. There was no case of filing of any inaccurate particulars or concealing any income. The case law mentioned by the appellant is very relevant (National Textile Vs CIT & CIT VS Baroda Tin Works). It is also clear that the law could not have been settled on insertion, and it takes a long time to settle the controversies which were finalized .....

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