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COMMISSIONER OF INCOME TAX-II Versus GUJARAT GAS CO LTD

2016 (8) TMI 519 - GUJARAT HIGH COURT

Penal proceedings u/s 271(1) (c) - treating the interest income as income from other sources - Held that:- Apex Court in the case of Commissioner of Income Tax vs. Reliance Petroproducts Pvt. Ltd. reported in [2010 (3) TMI 80 - SUPREME COURT] wherein the Apex Court has held that a mere making of a claim, which is not sustainable in law by itself will not amount to furnishing inaccurate particulars regarding the income of the assessee and such a claim made in return cannot amount to furnishing in .....

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ection 271(1)(c) of the Act. - Decided in favour of assessee - TAX APPEAL NO. 1437 of 2009 - Dated:- 4-8-2016 - MR. KS JHAVERI AND MR. G.R.UDHWANI, JJ. FOR THE APPELLANT : MRS MAUNA M BHATT, ADVOCATE FOR THE OPPONENT : MR MANISH J SHAH, ADVOCATE ORAL JUDGMENT (PER : HONOURABLE MR.JUSTICE KS JHAVERI) 1. Being aggrieved and dissatisfied with the impugned judgment and order passed by the Income Tax Appellate Tribunal, Ahmedabad Bench D (hereinafter referred to as ITAT) dated 16.05.2008 in ITA No. 3 .....

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ed on share application money at ₹ 1,23,73,934/- which was treated as income from other sources and taxed accordingly. The Assessing Officer also held that the assessee concealed the particulars of its income to the extent of ₹ 1,23,73,934/- with an intention to evade payment of legitimate revenue to the Government and accordingly penal proceedings u/s 271(1) (c) of the Act were initiated. Both the CIT(A) as well as the ITAT upheld the decision of Assessing Officer in treating the in .....

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n reversing the findings of both the authorities inasmuch as the penalty was imposed for concealment of particulars of income. He submitted that the assessee was liable to penalty as the assessee did not disclose the correct income and therefore the order of the Tribunal setting aside the penalty is required to be reversed. 4. Mr. J.P. Shah, learned advocate appearing on behalf of the the assesee submitted that the Tribunal has observed that the addition was made because of the bonafide differen .....

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s no question of inviting penalty under section 271(1)(c). 5. Having heard Mr. Bhatt, learned Senior Advocate appearing on behalf of the Department and Mr. Shah, learned advocate appearing on behalf of the assessee and the question posed for consideration by us reproduced hereinabove and considering the decision of this Court in the case of Reliance Petroproducts Pvt. Ltd. (Supra), the question, which is raised in the present appeal is required to be answered in favour of the assessee. In the ca .....

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e were not disclosed by him. The Apex Court further held that in case there is no finding that any details supplied by the assessee in its return were found to be incorrect or erroneous or false, there would be no question of inviting the penalty under section 271(1)(c) of the Act and 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 and that such claim in the return cannot amount to .....

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