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2016 (12) TMI 359 - BOMBAY HIGH COURT

2016 (12) TMI 359 - BOMBAY HIGH COURT - TMI - Penalty u/s. 271(1)(c) - Held that:- None of the authorities have held that the Applicant-Assessee had not furnished all details of expenditure as well as income in its return with the necessary details. Merely because the Applicant-Assessee's a claim, was disallowed in the earlier Assessment Year would not by itself debar it from making a claim in a subsequent Assessment Year. There is no estoppel against law. The aforesaid fact coupled with the fac .....

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return, mere disallowing a claim of expenditure would not by itself lead to the conclusion that there has been concealment of income and/or filing of inaccurate particulars, warranting penalty under Section 271 (1)(c) of the Act. - Decided in favour of assessee - Income Tax Reference No. 135 of 2000 - Dated:- 25-11-2016 - M. S. Sanklecha And A. K. Menon, JJ. Mr. Mihir Naniwadekar with Mr. Rohan Deshpande, for the Applicant Mr. Sham Walve, for the Respondent ORDER P. C. . This Reference under Se .....

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ed by the Assessing Officer and there were no fresh facts found by the CIT(A)? . 2 This Reference relates to Assessment Year 1989-90. 3 At the very outset, Mr. Naniwadekar, learned Counsel appearing for the Applicant-Assessee states that Question (b) is not being pressed. In that view, no occasion arises for us to answer the same. Thus, question is (b) returned unanswered. 4 Re Question (a): (a) Applicant-Assessee for the subject Assessment Year 1989-90, had in its Return of Income declared inco .....

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(c) of the Act while passing the Assessment Order. (b) Being aggrieved with the order of the Assessing Officer disallowing the expenditure of ₹ 6.48 lakhs, the Applicant-Assessee preferred an Appeal to the Commissioner of Income Tax (Appeals)[CIT(A)]. In the quantum proceedings, the CIT(A)while dismissing the Applicant-Assessee's Appeal on merits also initiated penalty proceedings under Section 271(1)(c) of the Act with regard to the claim of deduction of ₹ 6.48 lakhs as deferred .....

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. (c) Being aggrieved, the Applicant-Assessee filed an appeal to the Tribunal, challenging the imposition of penalty under Section 271 (1) (c) of the Act. The Tribunal by its order dated 4th July, 1997 held that the Applicant-Assessee was guilty of filing incorrect particulars of income. This, particularly so, in view of the fact that the claim made in the earlier Assessment Year on the issue of deferred revenue expenditure had been disallowed by the Assessing Officer. The claim in the subject A .....

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Applicant's income and brought it to the tax in the Assessment Order. However, the Assessing Officer in the facts of the present case did not find any justification to initiate penalty proceedings under Section 271(1)(c) of the Act. It is the CIT(A) who in an appeal filed by the Applicant-Assessee has initiated penalty proceedings under Section 271(1)(c) of the Act and also imposed penalty of ₹ 3.60 lakhs upon Applicant-Assesseee. This view was upheld by the Tribunal. The entire basis .....

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