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2010 (7) TMI 1113 - ITAT KOLKATA

2010 (7) TMI 1113 - ITAT KOLKATA - TMI - ITA No. 776/Kol/2010 - Dated:- 9-7-2010 - Smt. Diva Singh, Judicial Member. And Sri C.D. Rao, Accountant Member. For the Appellant: Shri P.C. Nayak, Sr. D.R. For the Respondent: Shri G.R. Saha. ORDER Shri C.D. Rao, Accountant Member. This appeal has been filed by the revenue against the order of the CIT(A), Kolkata dated 10.02.2010 for the assessment year 2005-06. 2. The only issue raised by the revenue in this appeal is relating to the deletion of the pe .....

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come as well as furnishing of inaccurate particulars of income and penalty provisions u/s 271(1)(c ) are clearly attracted. This is a case of willful and conscious attempt on the part of the assessee company to evade tax. Hence, penalty u/s 271(1)(c ) of the I.T.Act, 1961 is imposed for the assessment year 2005-06. 3 Aggrieved by this, the assessee went in appeal before the CIT(A) and submitted that the expression concealment of income implies that an income is being hidden, camouflaged or cover .....

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ection 271(1)(c) applies only with respect to facts, material to the computation of income and not with the computation per se. The fiction does not apply whether the controversy is regarding the legality of the claim made by the assessee. Further when the assessee offers an explanation in discharge of the onus cast upon him by explanation (1) to Section 271(1)(c) , the A.O. must consider the explanation objectively and unless he finds the same against the human probability or unless there are a .....

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f the assessee. The learned A.R. also argued that the appellant company was involved in the process of money lending in the earlier years. Since the amount of ₹ 20,00,000 was advanced by the amalgamating company, i.e. Globe Tea & Industries Limited during the course of its money lending business, the loan of ₹ 20,00,000 was transferred to the balance sheet of the assessee company. The A.R. argued that both before and after amalgamation the assessee company remained in the busines .....

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