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Commissioner of Income Tax-II, Kanpur Versus M/s. Mohan Steels Ltd.

2016 (10) TMI 779 - ALLAHABAD HIGH COURT

Levy of penalty u/s 271 (1)(c) - Effect of amendment to clause 3 (iii) and Explanation 4 to section 271(1)(c) of the Income Tax Act by the Finance Act, 2002 - Prospective or retrospective amendment - Held that:- in view of the law laid down by the Apex Court in the case of Commissioner of Income Tax versus Gold Coin Health Food P.Ltd. [2008 (8) TMI 5 - SUPREME COURT] wherein the Apex Court has come to the conclusion that Explanation 4 to section 271(1)(c) of the Act is clarificatory and not subs .....

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ounsel for the department and Sri Shakeel Ahmad learned counsel for the assessee. This appeal has been filed by the department under section 260A of the Income Tax Act, 1961 for the assessment year 1985-86 against the order of tribunal dated 28.7.2006. Briefly stated the facts of the case are that the assessment, in this case, was completed under section 143 (3) on 28.3.1998 on total income of ₹ 3,43,370/- against the return loss of ₹ 44,77,020/-. While computing total income of the .....

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t aside by the Appellate Tribunal. Thereafter Assessing Officer made afresh assessment order u/s. 143 (3) on 18.3.1998 and the addition of ₹ 32,34,250/- and penalty @ 150% amounting to ₹ 28,01,650/- was levied by the Assessing Officer by passing an order under section 271 (1)(c) of the Income Tax Act, 1961 on 27.6.2000. Aggrieved, the assessee preferred an appeal before the Commissioner of Income Tax (Appeal), Kanpur who vide his order dated 4.12.2000 restricted the penalty to ₹ .....

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77; 18,67,800/- which was sustained by the Commissioner of Income Tax (Appeals) accepting the assessee's explanation that the penalty u/s.271(1)(c) of the Income Tax Act, 1961 was not leviable in its case as the assessed income was nil as per the order of the A.C.I.T.-V dated 6.9.2003 in view of the decision given by this Court in the case of M/s. Zam Zam Tanners Ltd. (2005) vol. 279 ITR 197. While allowing assessee's appeal, the tribunal has relied on the decision of this court in the c .....

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