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2016 (8) TMI 567 - GUJARAT HIGH COURT

2016 (8) TMI 567 - GUJARAT HIGH COURT - TMI - Levy penalty U/s. 271(1)(c) - whether exemption under Section 80 HHC which was claimed by the assessee was wrongly claimed as he has not done any export? - Held that:- Explanation-4 to Section 271 (1) (c) of the Act was never the basis for passing the impugned order of Assessing Officer. For the first time, this argument has been advanced before us and this contention was never raised before the lower authorities and there is no mention about this gr .....

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see and against the revenue. - TAX APPEAL NO. 2587 of 2010 - Dated:- 11-8-2016 - MR. KS JHAVERI AND MR. G.R.UDHWANI,JJ. FOR THE APPELLANT : MR SUDHIR M MEHTA, ADVOCATE FOR THE OPPONENT : MR BS SOPARKAR, ADVOCATE for MRS SWATI SOPARKAR, ADVOCATE ORAL JUDGMENT (PER : HONOURABLE MR.JUSTICE KS JHAVERI) 1. By way of this appeal, the revenue has challenged the judgment and order dated 11.6.2010 passed by the Income Tax Appellate Tribunal, Ahmedabad Bench B , (For short, the Tribunal ) in ITA No.3929/A .....

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s amount to ₹ 61,03,790/- in view of the amendment brought by the Finance Act 2002 w.e.f. 01.04.2003? 3. Mr.Mehta, learned counsel for the appellant submitted that the Tribunal has committed an error while passing the impugned order by reversing the finding of the CIT (A). He has taken us through Explanation-4 to Section 271 (1) (c) of the Income Tax Act, 1961 and contended that exemption which was claimed by the assessee was wrongly claimed as he has not done any export. Said Explanation .....

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ulars have been concealed or inaccurate particulars have been furnished had such income been the total income: (b) in any case to which Explanation 3 applies, means the tax on the total income assessed [as reduced by the amount of advance tax, tax deducted at source, tax collected at source and self-assessment tax paid before the issue of notice under section 148] (c) In any other case, means the difference between the tax on the total income assessed and the tax that would have been chargeable .....

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bmitted that since there was no export, claim of benefit under Section 80 HHC of the Act was disallowed. He submitted that in view of this, penalty ought to have been imposed. In view of these submissions, he prayed to allow present appeal by setting aside the impugned order. 4. On the other hand, Mr.B.S.Soparkar, learned advocate for the respondent submitted that the Tribunal has not committed any error while passing the impugned order. He has relied upon the decision of the Apex Court in the c .....

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ax that would have been chargeable had such total income been reduced by the amount of income in respect of which particulars have been concealed. In a case, however, where on setting off the concealed income against any loss incurred by the assessee under other head of income or brought forward from earlier years, the' total income is reduced to a figure lower than the concealed income or even to a minus figure, the tax sought to be evaded' will mean the tax chargeable on the concealed .....

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