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Pr. Commissioner of Income Tax-1 Kanpur Versus M/s Allah Dad Tannery

Penalty u/s 271(1)(C) - Surrender of a claim - amnesty to the assessee against the penalty - whether there been no scrutiny in the case, there would have been no question of any surrender by the assessee? - Held that:- There is no allegation on record which suggests that the assessee had made any incorrect, erroneous or false details in his returns, which would result in invitation of the penalty under section 271(1)(C) of the Act. - The court below have recorded that no inaccurate particula .....

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gh learned senior advocate assisted by Sri Nishant Misra learned counsel for the assessee. This is income tax appeal filed by the revenue under section 260A of the Income Tax Act, 1961 against an order passed by the tribunal dated 27.8.2015 for the assessment year 2003-04. The only question of law which is sought to be answered is question no.'C' which reads as under: "Whether the ITAT was justified in law and on facts that mere surrender of a claim does not give any amnesty to the .....

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section 143(3) of the Act on 20.3.2006. The penalty proceedings under section 271 (1)(C) of the Act was also initiated against the assessee. Aggrieved the assessee preferred an appeal before the Commissioner of Income Tax (Appeals) which is dismissed. Thereafter assessing officer imposed penalty of ₹ 1,25,00,000/- against the assessee under section 271 (1)(C) of the Act. Against the penalty order dated 30.3.2012, the assessee preferred an appeal before the Commissioner of Income Tax (Appea .....

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issue and the controversy was set at rest by the Hon'ble Supreme Court in the case of Liberty India versus Commissioner of Income Tax, reported in 317 ITR 218 therefore the penalty should not be levied under section 271(1)(C) of the Act. Learned counsel for the department has sought to argue that regardless of the fact that the assessee had made surrender of a sum of ₹ 2 crores, it would not come in unity to the assessee against the penalty proceedings and the deletion of the penalty .....

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lared by the assessee. At the same time there is nothing in record to suggest that the assessee did not disclose its entire income or furnished inaccurate particulars of its income. Whatever agreed addition has come to be made, is only out of the incentives received by the assessee in respect of exports, which receipt of incentives is not in doubt. It is a case where the deduction u/s.80IB has been claimed for which there was at all material available with the assessee which was duly disclosed, .....

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ns have been found to be fasse or untrue. The explanation given by the assessee throughout during the course of assessment proceedings that the assessee is eligible for the said deduction in view view of the provisions of the said section and also in view of the several decisions. It is also an admitted fact that both decisions of Ritesh Industries Ltd. and Taxation Laws Amendment Act, 2005 came subsequently to the filing of the return by the assessee. A subsequent event cannot form the basis of .....

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